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Koreans work longer after retirement: OECD Updated: 2014-06-03 06:28:07 KST

 Koreans work longer after retirement: OECD

In Korea, you might retire from your main job but that doesn't mean you are no longer working.
That's the picture painted by the OECD's latest report on effective retirement age.
The report notes the effective age of retirement is well below the official age for receiving a full pension in most countries.
Some countries like Korea stick out as while the official retirement age is 60, the effective age of retirement is over 70 for men.
In many European countries, residents are actually retiring a good few years before their official retirement age of 65.
Women, in general, retire a year or two earlier than men but Korean women are also the ones working the longest after retirement trailing only Chile.
Korean women are working just as many years as men -- effectively retiring at 70.
Analysts say the figures clearly indicate how many Koreans cannot live on their pensions or savings alone so they have to search for a new job in their golden years.
Government data shows more than half of Korean men in their 60s were economically active last year with 29-percent of women in the same age group taking part in economy.
Song Ji-sun, Arirang News.
KOGL : Korea Open Government License
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