Seoul: The state human rights watchdog recommended Monday that the nation's statutory retirement age be raised from 60 to 65.
According to Yonhap News Agency, in a recommendation sent to the prime minister and the labor minister, the National Human Rights Commission of Korea (NHRCK) highlighted that the relative poverty rate of the retirement-age population is high among member countries of the Organization for Economic Cooperation and Development. The commission advocated for an upward revision of the retirement age to ensure that elderly workers can maintain a decent standard of living.
The NHRCK also pointed out that while the legal retirement age is currently set at 60, individuals do not start receiving the national pension until the age of 65, which creates a significant income gap for retirees.
The commission emphasized the importance of implementing policies to support wages for the elderly to prevent the potential negative consequences of raising the retirement age, such as reduced job opportunities for younger people. It also suggested that tax benefits and financial support should be made available to companies that adopt a peak wage system.