S.Korean men's retirement age averages 72.9; OECD's highest

South Korea has the oldest retirement age for men as well as the highest old age income poverty rate among the 34 OECD states.

According to the latest report by the OECD, South Korean men retired at the average age of 72.9 in 2014 and yet the old age income poverty rate for both men and women over the age of 65 is the highest at 49.6 percent.

Mexico is the only other OECD member country that has men and women working over the age of 70.

The average old age income poverty rate for OECD member states was 12.6 percent in 2014, with South Korea the only country whose rate was above 40 percent.

In addition, the income of people aged 65 or older is 60 percent of the national average, the lowest of OECD countries.

The OECD recommends policies to increase the coverage of "the National Pension Scheme and ensure its sustainability" as well as a reformation of the job market.