The Democratic Party of Korea is pushing for a plan to extend the legal retirement age beyond the current 60 years. After discussions with stakeholders, the party plans to prepare a bill by September this year and complete the legislation in November.
On the morning of the 2nd, the Democratic Party held an inauguration ceremony for the 'task force for recovery and growth through extension of retirement age' at the National Assembly in Seoul and announced its legislative plan for extending the retirement age. The extension of retirement age task force will be chaired by Commissioner So Byeong-hoon, with Commissioner Kim Joo-young serving as secretary.
The extension of retirement age task force will hold regular meetings once a month and prepare a legislative proposal for the extension of retirement age after discussions with stakeholders such as the business and labor sectors. Plans will also be discussed for reforming the wage system based on job and occupation, as well as guaranteeing employment for non-regular and young workers.
The extension of retirement age task force includes stakeholders and experts such as Lee Dong-geun, vice chairperson of the Korea Enterprises Federation, Lee Myung-ro, head of the Human Resource Policy Division of the Korea Federation of Small and Medium Enterprises, Kim Seol, chairperson of the Youth Union, Kim Hee-sung, a professor at Kangwon National University Law School, Han Seong-kyu, vice chairperson of the Korean Confederation of Trade Unions, and Ryu Gi-seop, secretary-general of the Korean Trade Union.
Commissioner So Byeong-hoon noted, 'One of the social issues caused by low birth rates and super-aging is the labor shortage.' He added, 'Extending the retirement age is a demand of the times, but various interests are complicatedly intertwined. It should not have any adverse effects on youth employment.'
Commissioner Kim Joo-young stated, 'In a situation where there is an income gap until the pension benefits start after retirement, extending the retirement age is not an option but a necessity,' adding, 'This is the first step to respond to the demands of the times and gather voices from all sectors to prepare policy alternatives.'
Currently, 10 bills have been proposed in the National Assembly that include extending the legal retirement age to 65 years and over and reforming the wage system.