Retirement In Korea

It seems that finally, after discussing the issue for so long, the retirement age in Korea will probably be raised from the present 55 years to 60. This is still young in comparison to western industrialized countries, but it is a step in the right direction. In 1995, the Korean Council of Trade Unions (KCTU) suggested that the retirement age is ridiculously low, considering that Koreans are now living much longer than they used to when the present law was passed in the early 1960’s.
At that time, longevity was below 60, but nowadays Korean can expect to live to at least 70 ? 75 years of age. So, the KCTU contend, to require people to retire at the young age of 55 is “absurd.”
Besides the fact that people live longer nowadays, there are other reasons for raising the retirement age. Foe one thing, Korea has no social welfare system, as there is in the U.S. and many other industrialized countries. And with the current labor-shortage now plaguing Korean industry, it makes a lot of sense to allow men to continue working. Anyway, with the ever-increasing costs of housing and educational expenses for their children, many men in their 50’s just cannot afford to retire and have their incomes halted.
Another reason for raising the retirement age is the growing trend for retirees to remain independent from their children after retirement. A 1992 survey conducted by Prof. Choi Sung-jai of Seoul National University found that 73% of Koreans between ages of 18 and 59 said they do not want to live with their children after retirement.
Most of them said that they would feel uncomfortable living under the same roof as their children and that they don’t expect for their children to support them in their old age.
None of the 1000 men and women surveyed said that they considered the age of 55 as “old.” And almost all of them said that they wanted to continue working as long as they could, since they felt that having a job keeps the mind busy and is what keeps a person healthy and happy.