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Remaining tasks after passing of the retirement age extension bill

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Frame of Image low at Korea Development Institute “Having made a retirement age of 60 mandatory through the revision of the law this time has obviously arranged a turning point in relation to utilization of middle/high-aged human resources. But, extension of retirement age which does not accompany wage adjustment may increase corporate labor costs, reduce new employment of youngsters, and may rather act as a cause for layoff of middle/high-aged workers.” Ⅰ. Introduction The Retirement Age Extension Bill which had been a controversial issue between the labor side and the management side for a long period of time passed the National Assembly. The Retirement Age Extension Bill of which the main content is to guarantee the retirement age of 60 passed the National Assembly in the main session held on April 30 and the related law (Act on Prohibition of Age Discrimination in Employment and Elderly Employment Promotion) was revised on May 22, putting an end to the controversy. Accordingly, the retirement age of 60 will be made mandatory in Korea in stages from 2016. When we look into the content revised this time, first, the existing clause which recommends the retirement age of 60 without having any legal force is substituted by the mandatory clause (Paragraph 1 of Article 19) reading, “the employer should set the retirement age of the employees to 60 or higher”, and the effectiveness of the retirement age of 60 is guaranteed by having a new clause of legal fiction (Paragraph 2 of the same article


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Title Remaining tasks after passing of the retirement age extension bill
Similar Titles
Material Type Report
Author(English)

Hwang, Soo Kyeong

Publisher

Seoul : Korea Development Institute
Date 2013-12
Series Title; No KDI Focus / 33
Pages 10
Subject Country South Korea(Asia and Pacific)
Language Korean
File Type Documents
Original Format pdf
Subject Social Development < Social Welfare
Social Development < Employment
Holding Korea Development Institute
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