Why do Korean workers support raising the retirement age or reemployment policies?

The main reason was concern about financial stability after retirement, cited by 33.7 percent of supporters. Another 30.8 percent said they still had the ability to keep working, while 20.3 percent pointed to the decline in the working-age population.

What did the Remember survey find about support for retirement age extension by age group?

Support was strong across all ages, but it was highest among workers in their 40s and 50s. The survey said 92.2 percent of workers in their 40s and 90.2 percent in their 50s backed the policy, and all respondents aged 60 and above supported it.

How much pay cut were workers willing to accept if the retirement age is extended?

Nearly half of respondents, 48.2 percent, said wage reductions would be necessary. The most common acceptable cut was 10 to 20 percent of salary, while 21.8 percent accepted up to 30 percent and 8.4 percent said they could accept more than 40 percent.

Nearly 90% of Korean workers support raising retirement age

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Summary

Nearly 90 percent of Korean workers support raising the retirement age or adopting reemployment policies, a survey showed. The Remember poll found broad backing across age groups, driven mainly by concerns about financial stability after retirement. Opposition centered on worries about lower productivity and fewer jobs for younger workers.

Key Facts

The survey found 88.3 percent of 514 employees supported extending the retirement age or adopting reemployment strategies.
The poll was conducted by Remember with Southern Post from Nov. 7 to Nov. 12.
Support was especially high among workers in their 40s and 50s, at 92.2 percent and 90.2 percent, respectively.
Among those who opposed the policy, 48.9 percent cited decreased labor productivity and 31.9 percent worried about fewer job opportunities for young people.
Nearly half of respondents, 48.2 percent, said wage reductions would be necessary if the retirement age were extended, and the most common acceptable cut was 10 to 20 percent.

By Kim Hyun-bin

Published Dec 25, 2024 4:23 pm KST
Updated Dec 26, 2024 1:40 pm KST

As Korea moves toward becoming an ultra-aged society, an increasing number of workers are voicing strong support for the raising of the retirement age or the implementation of reemployment policies, citing worries about financial stability after retirement.

According to a recent survey conducted by the business network service Remember, 88.3 percent of workers expressed their approval for extending the retirement age or adopting reemployment strategies. The survey, which included responses from 514 employees across sectors such as information technology, finance, manufacturing, service and retail, revealed widespread support for policies that would allow workers to remain employed beyond the current retirement age, which is typically set at 60.

The survey, conducted in collaboration with polling organization Southern Post, was carried out from Nov. 7 to Nov. 12. Among the respondents, the majority — regardless of age — advocated for continued employment options. Support was particularly strong among workers in their 40s and 50s, with 92.2 percent and 90.2 percent, respectively, in favor of retirement age extension and reemployment options. Even among respondents aged 60 and above, all were supportive of such policies.

The primary reason for this support was due to concerns surrounding the issue of financial stability after retirement. Nearly one-third (33.7 percent) of those in favor cited "worries about life after retirement," while 30.8 percent believed they still had the ability to continue working. Other factors driving support included the ongoing decline in the working-age population (20.3 percent) and the rising retirement age (15 percent).

On the other hand, 9.1 percent of respondents opposed extending the retirement age or implementing reemployment policies, with concerns about reduced labor productivity topping the list of reasons. Nearly 49 percent of opponents cited decreased productivity, while 31.9 percent worried about fewer job opportunities for young people.

The survey also asked respondents about the acceptable extent of wage reductions for older workers if the retirement age was to be extended. Half of those surveyed (48.2 percent) agreed that wage reductions would be necessary, with the most common acceptable reduction ranging from 10 to 20 percent of their salary. A smaller portion (21.8 percent) indicated they could accept a reduction of up to 30 percent, while 8.4 percent were willing to accept a wage cut of more than 40 percent. However, 12.1 percent of respondents stated they would not accept any wage reductions.

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