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(Seoul=Yonhap Infomax) Da Ye On Oh – Kim Ju-young, secretary of the Democratic Party’s Special Committee on Retirement Age Extension, stated that enacting legislation to raise South Korea’s statutory retirement age to 65 within this year is “not impossible,” adding that the committee is reviewing detailed proposals centered on a combined “retirement age extension plus reemployment” model.
Speaking on MBC Radio’s “Kim Jong-bae’s Focus” on the 24th, Kim dismissed reports that the special committee is reconsidering the retirement age bill from scratch, calling such claims “groundless.”
“The Democratic Party is a public party where various members can freely express diverse opinions,” Kim said. “While individuals may voice different perspectives, the notion that we are restarting the review process is simply not true.”
He explained, “The retirement age extension is directly linked to the lives of many citizens and was initiated as a task force to address social issues such as low birth rates, an aging society, and low growth.”
The government and the Democratic Party have pledged to introduce a bill for the “phased extension of the retirement age to 65” within the year. However, discussions remain challenging due to sharp differences among labor, management, and generations.
Previously, President Lee Jae-myung pledged during the presidential campaign to gradually raise the current statutory retirement age of 60 to 65 by 2033.
When asked whether passing the retirement age extension bill within the year is feasible, Kim replied, “I don’t think it’s impossible.”
He added, “While it’s necessary to coordinate the committee’s agenda and narrow differences among labor, management, and government, the process will ultimately be completed through legislation. Even after passing the bill, there will be many detailed issues to address.”
Regarding labor unions’ calls to legislate the 65-year retirement age within this year, Kim said, “As the pension eligibility age is being pushed back and 65 is approaching, there is considerable anxiety about income gaps. I believe it’s right to address these concerns.”
However, he noted, “There are some differences in opinion on how to achieve this,” and said the focus is on combining retirement age extension with reemployment.
Kim explained, “In the subcommittee, we discussed a phased approach that combines retirement age extension with reemployment, and there was a tacit consensus to also discuss measures to ensure the effectiveness of wage system reforms when extending the retirement age.”
He continued, “The Special Committee on Retirement Age Extension has been proceeding along these lines and will likely continue to do so, seeking practical solutions that balance the livelihoods of older workers with the wage rigidity concerns of employers.”
On the business community’s call for a “post-retirement reemployment” model, Kim said, “From the outset, there was some consensus in the subcommittee on finding a combined approach of retirement age extension plus reemployment.”
Addressing concerns that extending the retirement age could reduce youth employment, Kim acknowledged, “It could have some impact,” but added, “I recall a media survey earlier this year in which about 80% of young people expressed support for the retirement age extension.”
He added, “The special committee is preparing a phased plan to extend the statutory retirement age to 65 and, at the same time, will propose measures to ensure mutual benefit with youth and address related concerns.”
Kim said a youth task force led by lawmaker Mo Kyung-jong is being prepared, adding, “We will establish an organic collaboration system between the special committee and the task force and focus discussions to reach a concrete agreement on retirement age extension within the year.”
dyon@yna.co.kr
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