Credit: Public domain.
On November 3, the Democratic Party 민주당 launched a special committee on raising the legal retirement age from 60 to 65. The measure is intended to protect workers at large companies from mandatory retirement upon reaching the age of 60, leaving them without a source of income until they become eligible for National Pension Service 국민연금 payments, which begin at age 65.
According to a November 13 Gallup Korea poll, 72% of respondents supported raising the legal retirement age from 60 to 65. The Democratic Party had pledged to pass a law to this effect by the end of the year, but recently walked back that pledge in the face of strong opposition from the business sector.
