South Korea weighs raising retirement age to 65

The Democratic Party has vowed to introduce detailed legislation before the year’s end, but the wide gap between the labour and business positions appears to make its swift passage uncertain. — The Korea Herald

SEOUL: As South Korea’s ruling Democratic Party of Korea steps up to raise the statutory retirement age from 60 to 65, debate is intensifying over how the move could reshape the nation’s labour market, with the business community warning of higher costs and shrinking job prospects for young workers.

Raising the retirement age to 65 was one of President Lee Jae Myung’s key campaign pledges, aimed at addressing South Korea’s rapidly ageing population and delayed pension payouts.