"The peak wage system was designed to use the savings from cutting older workers' pay to hire younger employees in a bid to boost productivity."
"According to the labour ministry, 95% of firms with more than 300 employees set a retirement age, typically at 60, affecting 3.1 million workers."
"Workers over 60 earn 29% less on average than younger colleagues, with nearly 70% in insecure employment."
"The policies have contributed to one of the highest elderly poverty rates among developed nations, with 38% of over 65s living below the poverty line."
In South Korea, the peak wage system cuts older workers' salaries drastically, starting at age 56. G Young Soo, a branch director, will see his salary drop to 52% of what it was at 55 by retirement at 60. Workers face a mandatory retirement age, impacting over 3 million employees and pushing many into precarious jobs. This policy has resulted in 38% of seniors living below the poverty line and an average salary reduction of 29% for workers over 60.
Read at www.theguardian.com
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