‘Punishing workers for getting old’: how South Korea’s wage system impoverishes the elderly

As nation moves to raise retirement age, new report warns the real problem isn’t when people retire, but howInsurance worker G Young Soo started working at his company at 23, and spent more than three decades climbing the ranks to become a branch director. Now approaching his 60th birthday, Young Soo’s employer has systematically stripped away his salary.As part of South Korea’s “peak wage” system, Young Soo’s wages were cut by 20% when he turned 56, and by a further 10% each year after that. By the time he is forced to retire next year, he will earn just 52% of what he made at 55, despite the same workload and hours. Continue reading...

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