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On using mandatory retirement to reduce workforce in korea

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  • Joonmo Cho
  • Sunwoong Kim
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    Abstract

    Since the financial crisis in 1998, many Korean corporations with low profitability and excessive liabilities cut operating costs. They had to deal with exorbitant wage increases that outpaced productivity and were generated by the traditional seniority-based wage system. The empirical analysis of this study suggests that those companies with many long tenure workers under the Japanese-style personnel management system are more likely to utilize mandatory retirement in order to adjust employment. Moreover, blue-collar jobs are more likely to be associated with mandatory retirement. This suggests that the labour unions may tacitly approve of this practice.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/10168730500080550
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal International Economic Journal.

    Volume (Year): 19 (2005)
    Issue (Month): 2 ()
    Pages: 283-303

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    Handle: RePEc:taf:intecj:v:19:y:2005:i:2:p:283-303

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    Web page: http://www.tandfonline.com/RIEJ20

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    Related research

    Keywords: Mandatory retirement; employment adjustment; labour cost; labour union;

    References

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    1. Chiang, Sin-Hwan, 1986. "Cost Savings, Wages and the Growth of the Firm," Economic Journal, Royal Economic Society, vol. 96(383), pages 798-807, September.
    2. Morley Gunderson & James E. Pesando, 1980. "Eliminating Mandatory Retirement: Economics and Human Rights," Canadian Public Policy, University of Toronto Press, vol. 6(2), pages 352-360, Spring.
    3. Lazear, Edward P, 1979. "Why Is There Mandatory Retirement?," Journal of Political Economy, University of Chicago Press, vol. 87(6), pages 1261-84, December.
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    Citations

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    Cited by:
    1. Klassen, Thomas R., 2012. "The Future of Contractual Mandatory Retirement in South Korea," CLSSRN working papers clsrn_admin-2012-6, Vancouver School of Economics, revised 19 Feb 2012.
    2. Chulhee Lee, 2009. "Labor Force Participation of Older Males in Korea: 1955-2005," NBER Working Papers 14800, National Bureau of Economic Research, Inc.
    3. Giles, John & Wang, Dewen & Cai, Wei, 2011. "The labor supply and retirement behavior of China's older workers and elderly in comparative perspective," Policy Research Working Paper Series 5853, The World Bank.
    4. Chulhee Lee, 2010. "Labor-Force Participation of Older Males in Korea: 1955 to 2005," NBER Chapters, in: The Economic Consequences of Demographic Change in East Asia, NBER-EASE Volume 19, pages 281-313 National Bureau of Economic Research, Inc.

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