Longest-working

 

The Korea Labor Institute announced on July 23 that the actual average retirement age of Korean males was 71.1 between 2007 and 2012, according to OECD statistics. It added that Korea was the only OECD member country that recorded an actual retirement age exceeding 70.

The OECD average for the same period was 64.3. Korea was followed by Japan (69.1), Sweden (66.1), Switzerland (66.1), the United States (65), and Australia (64.9).

Korean females recorded the highest actual average retirement age in the OECD, too. Their figure amounted to 69.8, while Japanese and American females’ averages were 66.7 and 65, respectively. The OECD average was 63.2.

“The statistics show that Korean men work five years longer than their Spanish and Swiss counterparts, who are well known for working hard even in old-age years,” the institute explained, adding, “This implies that Korean men are burdened with bread-winning even after retirement, with their preparations for the old age insufficient in most cases.” The institute also suggested that weekly working hours be reduced to 40 for those aged between 27 and 54, and to 30 for those aged between 55 and 60, while more jobs requiring less than 20 hours a week be provided for those aged at least 65.

Copyright © BusinessKorea. Prohibited from unauthorized reproduction and redistribution