The public 88% support extending the retirement age by 65 years, but concerns over an income cliff are also high
In a survey by the Korean Confederation of Trade Unions, 65 years of phased extension of the retirement age received support from 88.3% of respondents. Respondents viewed poverty among older people as serious (93.1%) and were found to be more concerned about the income cliff caused by the gap between the retirement age and the timing of pension receipt (95.1%).
The Korean Confederation of Trade Unions announced the results of its “Survey on Perceptions of Extending the Statutory Retirement Age” on 7. The survey was conducted among adults nationwide and included support rates, areas of concern, and preferences for implementation methods. The results contained the proportions supporting and opposing the measure, as well as the distribution of specific preferred proposals.
Phased extension of the retirement age to 65 years was supported by 88.3%. The support rate was high across all age groups. In particular, relatively high support was recorded among those aged 40–50.
Of the respondents, 93.1% said they viewed older people’s livelihood insecurity and poverty as serious. 95.1% said they were more concerned about the urgency of the income cliff caused by the gap between the statutory retirement age and the age at which National Pension benefits begin. The survey questions presented the income cliff as a key concern.
The survey document included an explanation of the difference between the mandatory retirement age and the time when pension payments begin. The document stated that, for those who retire at 60years of age, receipt of the National Pension 65could begin, potentially creating an income gap. This was presented as the background to concerns about an income cliff.
Among preferences for how to implement an extension of the mandatory retirement age, the option to 'gradually make the retirement age mandatory for all companies up to 65years of age through legislative amendments and guarantee employment stability' received the most selections. The survey questions included several alternatives, such as mandatory implementation, selective continued employment, and complete abolition of the mandatory retirement age. Respondents selected one of the alternatives.
The mandatory implementation option accounted for 46.3%. The selection rate for 'selective continued employment' was 37.1%. The proportion choosing 'complete abolition of the mandatory retirement age' was 9.6%.
In the distribution of preferences by age, respondents in their 30~50s were identified in the survey as the group most favorable toward extending the statutory retirement age. The report separately indicated differences in responses by age group. The findings show that the time gap between retirement-age policy and the pension system is recognized as a public issue.
Sources: 뉴시스 경제
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