The Korean National Assembly, in a move that leaves many of my U.S. and other Western colleagues and clients bewildered by the lack of understanding of the contributions provided by those in their 60s and 70s, has agreed to mandate that the retirement age in Korea, for most companies, be set at, at least, 60 years old.
The revision is meant to protect older workers. Many companies impose retirement ages of 55 and many even impose lower retirement ages.
The revision will still need to make its way through two committees and, also, reach a vote on the National Assembly floor.
Other articles that may be of interest:
- Terminate/Layoff of Employees in Korea
- Korean Independent Contractor Risks under Korea LSA
- The Ten Commandments of Labor Relations in Asia
- Korean Labor Relations by Tom Coyner
- There Goes the Neighborhood: Samsung “Union” Allowed to Protest in Front Of Samsung
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Sean Hayes may be contacted at: SeanHayes@ipglegal.com.
Sean Hayes is co-chair of the Korea Practice Team at IPG Legal. He is the only non-Korean to have worked as an attorney for the Korean court system (Constitutional Court of Korea) and one of the first non-Koreans to be a regular member of a Korean law faculty.
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