Tuesday, December 14, 2004
[IWS] KOREA: Reasons for Retirement and Sources of Retirement Income [November 2004]
IWS Documented News Service
_______________________________
Institute for Workplace Studies Professor Samuel B. Bacharach
School of Industrial & Labor Relations Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor Stuart Basefsky
New York, NY 10016 Director, IWS News Bureau
________________________________________________________________________
From the Korea Labor Institute (KLI)
Reasons for Retirement and Sources of Retirement Income
http://www.kli.re.kr/kli_eng/elabor/37/papers/paper1.pdf
[full-text, 17 pages]
Ji Kyung Kim, Senior Researcher, Korea Labor Institute
e-mail: <mailto:jkkim@kli.re.kr>j
November 2004
Abstract
http://www.kli.re.kr/kli_eng/elabor/37/elabr_Frameset3.htm
In this paper we will define retirees in broader age brackets and analyze reasons for retirement and sources of retirement income based on survey on aging and aged adults, conducted by the 6th Korea Labor and Income Panel Study (2003).
The survey results show that 46.9% of 1,023 retirees who responded to survey stated health for a major retirement reason. Five different answers were offered for the question of retirement reason and the answer was subject to gender. Men answered legal retirement or involuntary/forced retirement as the second major reason for retirement whereas women pointed at caring for family members as the major reason second to health. Men retired at an average age of 58.3 while women did at an average of 55.2. Female workers who left workplace for family did so even earlier at age 46.5.
Relative to retiree income, analysis was primarily done on 776 retirees who have verified income sources and amount. The analysis revealed a monthly average of KRW 801,000 of retirement income. There was a significant gender gap where male retirees have KRW 947,000 for retirement income whereas their female counterparts have KRW 610,000. A gap in economic benefit is also created from why they retired. Those who retired due to health issues earn only KRW 548,000, which is less than half of KRW 1,162,000 of legal retirees' average income.
_____________________________
This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.
Stuart Basefsky *
Director, IWS News Bureau *
Institute for Workplace Studies *
Cornell/ILR School *
16 E. 34th Street, 4th Floor *
New York, NY 10016 *
*
Telephone: (607) 255-2703 *
Fax: (607) 255-9641 *
E-mail: smb6@cornell.edu *
****************************************
_______________________________
Institute for Workplace Studies
School of Industrial & Labor Relations
Cornell University
16 East 34th Street, 4th floor
New York, NY 10016
________________________________________________________________________
From the Korea Labor Institute (KLI)
Reasons for Retirement and Sources of Retirement Income
http://www.kli.re.kr/kli_eng/elabor/37/papers/paper1.pdf
[full-text, 17 pages]
Ji Kyung Kim, Senior Researcher, Korea Labor Institute
e-mail: <mailto:jkkim@kli.re.kr>j
November 2004
Abstract
http://www.kli.re.kr/kli_eng/elabor/37/elabr_Frameset3.htm
In this paper we will define retirees in broader age brackets and analyze reasons for retirement and sources of retirement income based on survey on aging and aged adults, conducted by the 6th Korea Labor and Income Panel Study (2003).
The survey results show that 46.9% of 1,023 retirees who responded to survey stated health for a major retirement reason. Five different answers were offered for the question of retirement reason and the answer was subject to gender. Men answered legal retirement or involuntary/forced retirement as the second major reason for retirement whereas women pointed at caring for family members as the major reason second to health. Men retired at an average age of 58.3 while women did at an average of 55.2. Female workers who left workplace for family did so even earlier at age 46.5.
Relative to retiree income, analysis was primarily done on 776 retirees who have verified income sources and amount. The analysis revealed a monthly average of KRW 801,000 of retirement income. There was a significant gender gap where male retirees have KRW 947,000 for retirement income whereas their female counterparts have KRW 610,000. A gap in economic benefit is also created from why they retired. Those who retired due to health issues earn only KRW 548,000, which is less than half of KRW 1,162,000 of legal retirees' average income.
_____________________________
This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.
Stuart Basefsky
Director, IWS News Bureau
Institute for Workplace Studies
Cornell/ILR School
16 E. 34th Street, 4th Floor
New York, NY 10016
Telephone: (607) 255-2703
Fax: (607) 255-9641
E-mail: smb6@cornell.edu
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# posted by SBasefsky : 5:55 AM
