Hyundai Motor Unions Push to Raise Retirement Age to 65
The Korean Metal Workers’ Union at Hyundai Motor Group affiliates (hereinafter the Hyundai Motor Group Labor Union) has urged the National Assembly to legislate an extension of the legal retirement age. However, as the business community strongly opposes the extension of the retirement age due to co
The Korean Metal Workers’ Union, representing Hyundai Motor Group affiliates, has called on the National Assembly to legislate an extension of the legal retirement age from 60 to 65. However, the business community remains skeptical due to concerns over potential negative consequences such as exacerbating the youth employment crisis and aggravating the income gap between retirees and pensioners.
The Hyundai Motor Group Labor Union plans to hold a press conference at the National Assembly on November 17 to advocate for the extension of the retirement age. The union argues that the current retirement age of 60 has long been a social issue, causing economic hardships for workers due to early retirements and widening income disparities.
President Lee Jae-myung's promise to extend the retirement age during his presidential campaign and the recent statement from Employment and Labor Minister Kim Young-hoon further fuel the debate. While the business community acknowledges the necessity of elderly labor participation, they advocate for a more flexible approach like 'reemployment' after retirement instead of raising the retirement age.
Written by urgent.news from BusinessKorea's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
