The Korean government is further reinforcing gradual retirement by giving employees the right to apply for reduced working hours and allowing aged workers to stay in their primary jobs longer.
According to amendments to the Anti-age Discrimination in Employment & Promotion of Elderly Employment Act, the “aged” will be eligible to apply for shorter working hours. The changes would allow an employee age 50 or older who has worked for the employer for more than one year to apply for a reduced workweek of between 15 and 30 hours.
The employer would be obliged to accept the application unless it would significantly disrupt business operations. The government will provide a subsidy to employers that fill a job opening created by the reduced working hours with a young or unemployed person.
In addition, companies will be required to provide retirees and those changing jobs with assistance services such as information on job opportunities, job placement, and business start-ups at least one month before the employee retires or leaves the company.