Support for raising the retirement age to 65 is rising across generations. Despite concerns that it could threaten youth employment, 9 out of 10 people said they support an extension.
That is according to a public opinion survey released yesterday by the Federation of Korean Trade Unions, commissioned from polling firm Macromill Embrain. The survey was conducted online among 1,000 men and women aged 20 to 69 nationwide on May 27-28. It found that 88.3% supported gradually raising the statutory retirement age from the current 60 to 65. The margin of error was plus or minus 3.1 percentage points at the 95% confidence level.
There were clear differences by age group. Support was especially high among those closest to retirement age: 90.6% of respondents in their 40s and 89.3% in their 50s were in favor, both nearing 90%.
The main reason for support was anxiety over income gaps. The top reason, cited by 69.0%, was “economic insecurity due to a gap before receiving the National Pension.” Under the current system, the legal retirement age is 60, but the National Pension can be received only from age 65 at the earliest. The resulting five-year income gap has been a key driver of calls for extending retirement age. Other reasons included the belief that longer life spans make it possible to live more meaningful lives (50.7%) and concerns about shortages of skilled labor amid population decline (39.8%).
Opinions differed on how to implement the change. Overall, gradual extension was the most preferred option at 46.3%, followed by selective continued employment at 37.1% and abolishing retirement age at 9.6%. People in their 40s most often chose a mandatory legal revision (61.1%), while those in their 20s favored selective employment (44.0%), showing a stark contrast.
As for timing, January 2027 was the most commonly chosen implementation date at 35.6%. On wage-system reform, 48.9% said they would accept wage adjustments through reduced working hours and job reassignments, nearly half of respondents.
But support was not unanimous. Concerns were also raised that extending retirement age could take away jobs from young people.
Views varied by generation. Among those in their 40s to 60s, many said the jobs of older workers and young people are different, so there is little risk of crowding out (42.7%). By contrast, respondents in their 20s and 30s stood out for saying that because the risk of crowding out is high, youth employment measures should come first (36.0%).
In other words, the generation that would benefit from an extended retirement age and the generation that would compete for jobs have different calculations. How the policy is designed to balance intergenerational interests is emerging as the key issue.
The demand to close the pension income gap and the demand to protect youth employment are now on the same table. The focus of the retirement-age debate is shifting to one question: whose jobs should be protected, and how?