"Gradual Extension Until 2033"…Assemblyman Park Hong-bae Proposes 'Retirement Age 65' Bill

Scheduled to be proposed on the 20th

On the 20th, Park Hong-bae, a member of the Democratic Party of Korea and the National Assembly's Environment and Labor Committee, is scheduled to propose a bill to gradually raise the legal retirement age from the current 60 to 65.

The amendment was prepared with the intention of addressing elderly poverty caused by income gaps by reducing the difference between the National Pension benefit starting age and the legal retirement age.

The National Pension benefit starting age was delayed from 62 to 63 last year, and will increase to 64 in 2028 and 65 in 2033. The bill's supplementary provisions specify a plan to gradually raise the retirement age to 63 by 2027 from the enforcement date, to 64 from 2028 to 2032, and to 65 from 2023 onward.

Park said, "For the state to stand idly by and neglect the livelihood difficulties caused by the mismatch between the legal retirement age and the pension benefit starting age is essentially to acknowledge a state of anarchy," emphasizing, "Passing this bill is urgent to respond to the rapid demographic changes caused by low birth rates and aging."

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