[Financial Retirement Polarization] "Public Institutions Should Expand Youth Hiring by Implementing Voluntary Retirement"

Joint Press Conference Urging Expansion of Youth Recruitment in Public Institutions

[Asia Economy Reporter Park Sun-mi] There is a growing call for public institutions to expand youth employment through the activation of voluntary retirement programs.

On the 27th, Jang Cheol-min of the Democratic Party of Korea, Kim Hyung-dong of the People Power Party, Kim Hyung-seon Chairman of the IBK Labor Union, and Kim Young-min Secretary General of the Youth Union held a joint press conference at the National Assembly, urging the activation of voluntary retirement in public institutions and the expansion of youth employment. They argued that more opportunities should be created starting with public institutions for the 2030 generation suffering from uncertainty and unfairness, and that voluntary retirement could be a solution.

They proposed ‘implementing voluntary retirement in public institutions’ as the most realistic alternative to expand youth employment. They stated, “If voluntary retirement is implemented for wage peak system employees, whose numbers exceeded 10,000 in 2022, retirees will have the opportunity to plan a second life, and countless young people will have the chance to secure their dream jobs.” They also emphasized, “Let’s start discussions immediately. It is time to prove the ruling and opposition parties’ affection and concern for the 2030 generation.”

They also pointed out that the three major policy banks (Korea Development Bank, Export-Import Bank of Korea, and Industrial Bank of Korea) have been unable to implement voluntary retirement for six years due to budget control by the Ministry of Economy and Finance.

They claim that because the voluntary retirement system is not designed precisely, both the individuals involved and the organizations suffer damage. Last year, to resolve these issues, the three policy banks held a tripartite meeting with labor and management and submitted a joint proposal including a voluntary retirement implementation plan to the Financial Services Commission, but the Ministry of Economy and Finance maintained its position and rejected it. Currently, the Financial Labor Union and IBK Labor Union are conducting a solo protest at the Blue House, urging the implementation of the '2020 agreement among the ruling party, government, the Financial Labor Union, and IBK labor-management' which includes the voluntary retirement plan.

Meanwhile, Park Hong-bae, Chairman of the Financial Labor Union, who attended the joint press conference, said, "Youth employment in public institutions decreased by nearly 40% last year, and the number of new hires planned by public enterprises this year has also decreased by 20% compared to last year," adding, "One of the solutions is securing youth employment through retirements, that is, voluntary retirement."

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