Bridging the Generational Divide: How to Balance Extended Retirement with Youth Employment?

Solutions are being sought to create jobs that benefit both the older generation, who desire an extended working life, and younger individuals facing urgent employment needs. Amidst a declining workforce due to aging and deepening youth unemployment, efforts have begun to find ways for these two generations to work together.

Discussions are underway regarding the effectiveness of extending the retirement age to 65, with cases of early retirement in the 40s at some banks and instances in private companies where employees do not reach the age of 60. While the youth unemployment rate may appear low in statistics, on-the-ground sentiment indicates a difficult job market, with an increasing number of individuals giving up their job search due to rising barriers to new employment.

The 'Generational Harmony Jobs' initiative proposes a mediating solution to encourage companies to maintain employment for middle-aged and older workers while also hiring young talent. This involves reforming wage structures and providing policy support for companies that engage in new hiring. Guidelines are being developed to ease labor costs and enhance the efficiency of work distribution.

The government is preparing implementation plans tailored to the specific characteristics of each industry and has finalized concrete support standards through practical consultations with labor and management.