Baby boomers can work fewer hours and longer yearsThe government is pushing to allow baby boomers to delay retirement and work longer in return for choosing an option of shorter work days for lower pay, officials at the Ministry of Health and Welfare said yesterday.
The system dubbed “work hour reduction application” will be enforced for local workers aged 50 and older, starting next year at the earliest after the revision of relevant laws, said the officials. The new system is intended to help baby boomers born between 1955 and 1963 better prepare for their post-retirement life, as well as to create more job opportunities for the younger generation, the officials said.
“Baby boomers can take advantage of the new system to stay longer in their current workplaces and secure more time to prepare for their retirement days,” said a ranking ministry official.
He noted that employers will be paid incentives to hire unemployed young people to fill the gap caused by less work for senior employees.
More in Economy
On the campaign trail
Online courses get failing grades from tech students
Help after the rains
The Gangnam-Gangbuk price gap remains