Ruling Party Looks to Increase Korea’s Retirement Age from 60 to 65 Years Old
It looks like workers will be working five years longer in South Korea before they can retire:
Debate is heating up over raising Korea’s statutory retirement age, as the ruling Democratic Party of Korea (DPK) moves to increase it from 60 to 65, citing the nation’s transition toward a super-aged society.
Critics warn the move could reduce job opportunities for younger workers and place additional burdens on companies already facing high labor costs.
The DPK stated that its special committee on raising the retirement age has been in discussions with leading labor and business organizations — including the Korean Confederation of Trade Unions (KCTU), the Federation of Korean Trade Unions (FKTU) and the Korea Enterprises Federation (KEF) — to coordinate their positions on the proposed legislation.
The ruling party has pledged to pass the bill by year’s end, with gradual increases starting in 2027 bringing the age up to 65 by 2033.
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