[Yonhap]
[Yonhap]

Nearly nine in 10 South Koreans support gradually raising the statutory retirement age from 60 to 65, according to a new poll.

The Federation of Korean Trade Unions released the results Sunday of a survey it commissioned from pollster Macromill Embrain, conducted May 27-28 among 1,000 adults aged 20 to 69 nationwide on public attitudes toward extending the legal retirement age.

The survey found that 88.3 percent of respondents supported a phased increase in the statutory retirement age — currently set at 60 under the Act on Employment Promotion of the Aged — to 65.

Support was high across all age groups, with the strongest backing among those in their 40s (90.6 percent) and 50s (89.3 percent), the cohorts most directly affected by any change to the retirement age.

The most commonly cited reason for supporting an extension was "economic anxiety stemming from the gap in national pension benefits," at 69.0 percent.

The concern centers on an income cliff of up to five years created by the gap between the current mandatory retirement age of 60 and the national pension eligibility age, which can be as late as 65.

That was followed by "the ability to live a meaningful life given longer lifespans" (50.7 percent) and "a shortage of skilled workers due to rapid population decline" (39.8 percent).

On how the extension should be implemented, respondents favored a "phased extension" (46.3 percent), followed by "selective continued employment" (37.1 percent) and "complete abolition of the retirement age" (9.6 percent).

By age group, those in their 40s most strongly preferred a mandatory legislative approach, at 61.1 percent, while respondents in their 20s ranked selective employment arrangements first, at 44.0 percent.

Asked when the extension should take effect, 35.6 percent said Jan. 1, 2027, making it the most popular answer. That was followed by Jan. 1, 2028 (23.9 percent) and after 2030 (20.3 percent).

On the timing of legislation, 37.4 percent said "the sooner the better," followed by "the first half of 2027" (34.3 percent) and "within this year's regular National Assembly session" (11.4 percent).

On wage structure changes that would accompany a retirement age extension, nearly half — 48.9 percent — said they would accept wage adjustments tied to reduced working hours or job reassignment. Another 25.7 percent said they would accept a wage peak system starting between ages 61 and 65, while 15.4 percent said existing wages and working conditions should be maintained.

The poll also found considerable concern that extending the retirement age could crowd out jobs for younger workers.

Respondents in their 40s through 60s were more likely to say the concern was limited because middle-aged and younger workers tend to hold different roles (42.7 percent), while those in their 20s and 30s were more likely to say youth employment measures should come first given the risk of job displacement (36.0 percent).

In addition, respondents identified "expanding fiscal support and tax incentives for companies that raise the retirement age" as the top priority for the National Assembly and government, at 50.6 percent.

The survey was conducted online among panelists who agreed to participate. The margin of error is plus or minus 3.1 percentage points at a 95 percent confidence level.

Meanwhile, the Democratic Party of Korea had pledged to pass retirement age legislation last year but pushed the timeline back by six months and plans to introduce a related bill soon.

The current statutory retirement age of 60 was established when an amendment to the Act on Employment Promotion of the Aged passed the National Assembly in May 2013. The law took effect in 2016 for workplaces with 300 or more employees and in 2017 for smaller workplaces, following a grace period that varied by company size.


rainbow@heraldcorp.com