As nation moves to raise retirement age, new report warns the real problem isn’t when people retire, but how
Insurance 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.
