Ep.143 - Extension of the legal retirement age
World Ch. Schedule : TUE 07:35 KST
Date : 2019-06-18
The debate over South Korea's statutory retirement age
Discussion are taking place within the South Korean government on whether the country should raise its statutory retirement age. It is widely seen as an inevitable choice, given forecasts that South Korea's elderly population will rise by an average of nearly half-a-million annually for the next ten years, while the number of deaths are expected to outpace the number of newborns to bring about a natural population decline. Similar discussions are taking place in countries such as Japan, Germany, Italy and others, while in the U.S. and the UK, the legal retirement age has been eliminated altogether. Although raising the retirement age is seen as an appropriate remedy for a rapidly aging society, there are also concerns that doing so will encumber local businesses with added labor costs, and reduce the number of available jobs for young people. In this week's edition of 'Foreign Correspondents', we sit down with our panel of journalists to talk more about the various issues surrounding the possible extension to South Korea's legal retirement age.