Korea Economic Association "Extending the retirement age of 65 shall bear 30.2 trillion won per year"

It has been argued that if the current retirement age of 60 is extended to 65, companies will bear an additional employment cost of more than 30 trillion won per year.

The Korea Businessmen's Association released a report titled "Cost estimation and implications for the extension of the retirement age."According to the

report, it is estimated that 590,000 elderly workers will continue to be employed when the retirement age extension is applied to all ages 60 to 64.

When the estimated wages for them and the share of the four major insurance premium business owners are added together, the cost of the business owners will reach 30.2 trillion won every year.

The Korea Economic Association said the cost of such employment is enough to hire 900,000 young workers, adding that the impact of the retirement age extension on investment and contraction of new employment should be carefully considered.