Nine Out of Ten Citizens Support Raising Retirement Age... What Do Millennials Think?

Public Opinion Survey Commissioned by FKTU

Half of Respondents Say "Implementation Should Begin Next Year"

2030 Generation: "Youth Employment Measures Must Come First"

A recent public opinion survey showed that nine out of ten citizens support the gradual extension of the statutory retirement age from the current 60 to 65.

On June 7, the Federation of Korean Trade Unions (FKTU) announced the results of a nationwide survey on the "public perception of raising the statutory retirement age," conducted by the polling agency Macromill Embrain. The survey, conducted on May 27-28, targeted 1,000 people nationwide aged 20 to 69. According to the results, 88.3% of respondents supported the gradual extension of the statutory retirement age from the current 60 to 65, as stipulated by the Act on the Employment of Older Persons. In particular, support was even higher among those in their 40s (90.6%) and 50s (89.3%), who are directly affected by the retirement age extension.

The most common reason for supporting the extension was "economic insecurity due to the gap in National Pension benefits" (69.0%). This reflects concerns over an income crevasse of up to five years caused by the gap between the current statutory retirement age of 60 and the age when National Pension benefits begin. Other reasons cited included "being able to live a meaningful life due to increased life expectancy" (50.7%) and "a shortage of skilled workers due to a rapid population decline" (39.8%).

When asked about the preferred method for extending the retirement age, respondents chose "gradual extension" (46.3%), "optional continued employment" (37.1%), and "complete abolition of the retirement age" (9.6%). Notably, among those in their 40s, preference for a "mandatory legal amendment" was highest at 61.1%. In contrast, those in their 20s most commonly selected the "optional employment method" (44.0%).

Regarding the specific implementation date for the retirement age extension, "January 1, 2027" was the most common response (35.6%), followed by "January 1, 2028" (23.9%), and "after 2030" (20.3%). As for the timing of the bill's passage, "the sooner, the better" was chosen by 37.4%, followed by "the first half of 2027" (34.3%), and "during this year's regular National Assembly session" (11.4%).

Regarding wage system reform in connection with the retirement age extension, "accepting wage adjustments through reduced working hours or job restructuring" was selected by nearly half (48.9%) of respondents. Other answers included "accepting a wage peak system from ages 61 to 65" (25.7%), and "maintaining existing wage and working conditions" (15.4%).

However, there were generational differences in concerns about the potential encroachment on youth employment due to the retirement age extension. Among those in their 40s to 60s, the prevailing view was that "jobs for middle-aged and older workers and for younger workers are different, so the risk of encroachment is not high" (42.7%). In contrast, among those in their 20s and 30s, many answered that "the risk of encroachment on youth employment is significant, so youth employment policies should be prioritized" (36.0%).

As for the priorities for the National Assembly and the government to pursue in order to extend the retirement age, "expanding financial support and tax benefits for companies implementing the retirement age extension" was cited most frequently (50.6%), followed by "amending relevant laws" (48.9%), and "supporting young job seekers and increasing mandatory hiring quotas" (43.4%).

This survey was conducted online among panels who agreed to participate, with a margin of error of ±3.1 percentage points at a 95% confidence level.

This content was produced with the assistance of AI translation services.