"Workers Approaching Retirement Should Be Supported for Reemployment"… 1,043 Mandatory Companies Selected

Job information bulletin board at an employment support center in Seoul [Image source=Yonhap News]

On the 13th, the Ministry of Employment and Labor announced that it has guided 1,043 companies with more than 1,000 employees to provide reemployment services to workers aged 50 and over who are facing involuntary job separation such as retirement.

In response to the rapid aging process, the government has mandated since May 2020 that companies with more than 1,000 employees must provide reemployment support services to workers scheduled for retirement to help middle-aged and older workers secure stable jobs.

The number of target companies increased from 958 in 2020 to 1,031 last year, and 1,043 this year. In the first year of implementation in 2020, 725 out of 958 companies (75.7%) provided reemployment support services.

Compared to a survey conducted in 2019, which showed that the compliance rate among companies with over 1,000 employees was below 20%, the compliance rate rose by about 56 percentage points within one year.

The Ministry of Employment and Labor has been offering free consulting on reemployment support services since last year to companies that have not implemented the system due to lack of awareness or cost burden.This year, free reemployment support service consulting will be provided to 450 companies.

This free consulting is conducted through excellent career transition consulting agencies selected via public competition. Consulting lasts about three months per company. After forecasting the scale of job separations in the company, customized reemployment support strategies and utilization of government support programs are provided.

The Ministry of Employment and Labor explained, "Companies with fewer than 1,000 employees that wish to participate can also receive free reemployment support service consulting through the Korea Labor Foundation."

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