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The Future of Contractual Mandatory Retirement in South Korea

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  • Klassen, Thomas R.
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    Abstract

    Although contractual mandatory retirement at a specified age has been eliminated, or limited, in many Western nations, the practice remains widespread in other parts of the world. In South Korea (henceforth, Korea) most workers are subject to contractual mandatory retirement, often while still relatively young; that is, in the 50s. Korean retirement policies are deeply rooted in the belief by policy makers, employers and unions that mandatory retirement creates jobs for young workers. In addition, because worker compensation is linked to age, employers argue that the seniority-based wages paid to older workers are excessive. Notwithstanding the opposition to reforming retirement policies, Korea faces a rapidly aging population that will require modifications to existing retirement arrangements. Moreover, greater emphasis on human rights, and efforts to reduce age-based discrimination in employment, will add to the pressures to increase the age of contractual mandatory retirement.

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    File URL: http://www.clsrn.econ.ubc.ca/workingpapers/CLSRN%20Working%20Paper%20no.%2093%20-%20Klassen.pdf
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    Bibliographic Info

    Paper provided by Vancouver School of Economics in its series CLSSRN working papers with number clsrn_admin-2012-6.

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    Length: 23 pages
    Date of creation: 19 Feb 2012
    Date of revision: 19 Feb 2012
    Handle: RePEc:ubc:clssrn:clsrn_admin-2012-6

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    Web page: http://www.clsrn.econ.ubc.ca/

    Related research

    Keywords: Mandatory Retirement; South Korea; Age Discrimination; Population Aging;

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    1. Joonmo Cho & Sunwoong Kim, 2005. "On using mandatory retirement to reduce workforce in korea," International Economic Journal, Taylor & Francis Journals, vol. 19(2), pages 283-303.
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