Retirement Age in South Korea: Early Retirement, Severance Pay, and What’s Changing
If you’re working in South Korea or planning to, one question comes up sooner or later: π “When do people actually retire here?” The answer is more complicated than it looks. While the official retirement age is set by law, many employees leave much earlier through something called “honorary retirement.” Add severance pay and upcoming policy changes, and the system becomes even more unique. Here’s a clear, experience-based breakdown tailored for foreigners. π 1. Official Retirement Age in Korea South Korea legally mandates a retirement age of at least 60 under the Act on Prohibition of Age Discrimination in Employment. π What this means in reality: Most large companies set retirement at 60 Public institutions strictly follow this rule Some companies allow extensions, but they are limited However, staying until 60 is not always the norm. ⚠️ 2. “Honorary Retirement” (Early Retirement) – The Hidden Reality In Korea, many employees leave before reaching 60 through a...