Labor minister voices need to pass bill to raise retirement age by year-end

Labor Minister Kim Young-hoon called for legislative efforts Thursday to raise the statutory age of retirement by the end of this year, while emphasizing that both companies and labor groups should reach a compromise amid the nation's rapidly aging population. Speaking to reporters at the government complex in the central city of Sejong, Kim emphasized that extending the retirement age is "a path that must be taken," while acknowledging challenges in narrowing differences between the two sides. "Raising the legal retirement age could lead to clashes when it comes to jobs at large companies and public institutions, which are strongly favored by the youth," he said. "If the retirement age is extended in these areas, companies will have no choice but to cut back on hiring the youth, so we need to find a middle ground where both generations can coexist." Labor groups have been pushing for the legislation to be passed within this year, citing the rapidly aging population and financial burden on retirees during the five-year gap before national pension benefits begin at 65. Business groups, hoWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times