Kim Sung-ho, 38, an office worker, said he is increasingly opening up to the idea of raising the retirement age.
“A few years ago, I opposed extending the retirement age,” he said. “But now, living costs and housing prices are getting higher. I worry more about my own future. I think I will need a stable source of income until I get older. Extending retirement age isn’t about the older generation anymore. It’s about preparing for the future for my generation too.”
Similarly, An Ju-young, a marketing assistant, 34, said income from being employed as a regular salaried worker is better than relying on the state-run pension payout.
“My generation doesn’t trust the pension system. I think I speak for my generation when I say we don’t believe the national pension will support us by the time we get to the retirement age, given Korea’s superaged population and all that,” she said. “That’s the hard truth and everyone knows it. If retirement age is pushed back, then at least we would have more years to earn monthly income and save for postretirement life. It’s more practical.”
Kim and An are among many younger Koreans increasingly supporting the government drive to extend the retirement age to 65 from the current 60.
It marks a significant shift from what was previously understood as a generational conflict between older workers wanting more years at the cost of reduced job opportunities for younger people.
According to a survey by Remember & Company, the operator of business networking platform “Remember,” 74 percent of 1,037 office workers said the retirement age should be extended.
Most noteworthy was that 7 out of 10 workers in the 20-39 age group voiced support.
The survey said 67.9 percent of those in their 20s agreed, while the support rate was 70.4 percent among those in their 30s.
Nearly 4 in 5, or 77.9 percent in their 50s gave the same response, while the support rate was higher at 80.8 percent among those in 60s.
Only 12.9 percent favored the status quo. About 13 percent said they would prefer abolishing the retirement age altogether.
When asked why extension was necessary, more than a third, or 39 percent, said they would want stability after retirement.
Those aged 60 and older said they would want their decades of experience to be of better use.
Remember & Company said the results show that young workers no longer consider retirement extension as a threat, but rather as something they need with their own future uncertainties factored in.
“An increasing number of younger generations are seeing this issue differently. Korea’s overall human resources and employment management need to adjust goal toward longer working lives,” it said.