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Support for Korea's retiring baby boomers critical to achieve 70% job rate Updated: 2013-05-06 22:35:10 KST

  Support for Korea's retiring baby boomers critical to achieve 70% job rate
Baby boomers in Korea born between 1955 to 1963 make up nearly one-fourth of the nation's employed, and they need support.
The Hyundai Research Institute says the current administration needs to reach out to the post-war generation if it wants to reach a 70 percent employment rate by the end of its five-year term.
The report forecasts that more than 700-thousand people will retire by 2017, when the employment rate of baby boomers is expected to drop to 65 percent, down more than 9 percentage points from 74 percent in 2012.
The National Assembly passed a bill last week that calls for extending the legal retirement age to 60 starting in 2016.
But the report goes on to say that extending the retirement age will not be enough as the number of people who reached the age of retirement last year made up just one.4 percent of the 570-thousand people who actually retired.
More than 40 percent were forced to leave their jobs because they simply had no work to do anymore.

"Legalizing the extended retirement age is important, but stabilizing labor-management relations by improving wage systems and government support is more important."

The report adds that if the government is serious about staving off a sharp drop in the baby boomer employment rate, it should provide more employment opportunities in their particular fields of expertise or in the agriculture industry, which is attracting a growing number of interest these days.
Hwang Ji-hye, Arirang News.
KOGL : Korea Open Government License
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