Government to extend senior population and foreign workers’ participation in labor market …


meanwhile the government has unveiled a
set of measures to revitalize the nail labor economy and deal with population
decline Korea is rapidly becoming an age Society so the measures are meant to
encourage the participation of senior citizens and foreign workers our immune
son has the latest at a meeting Wednesday chaired by
finance minister hounam ji the population policy task force set up back
in April unveiled measures to expand the working age population in Korea
private-sector workers have to retire when they turn 60 but these measures
will mandate that companies keep people on the payroll after that age by either
extending their retirement age getting rid of it while rehiring people who have
just officially retired the government will also provide bigger financial
incentives to businesses that voluntarily hire all rehire senior
citizens South Korea has the lowest fertility rate in the OECD at 0.98 and
is aging rapidly the low birthrate and aging population means a shrinking labor
force in other areas the government will review whether Korea has an appropriate
number of teachers and military personnel because the number of people
who can attend school or serve in the military is shrinking the military will
look into taking on more women reducing the size of its standing forces and
reorganizing to focus on science and technology also to increase the working
age population the government will look to improve the visa system and give
incentives to foreign workers the new visa system will be designed to attract
highly educated and talented foreigners and give them more benefits like
allowing them to bring their families and stay in Korea longer foreign workers
who wish to stay in the countryside where the population is shrinking will
get even more incentives foreign students and skilled workers in deep
populated regions can get advantages for acquiring permanent residency and enjoy
shorter processing times when re-entering the country the government
estimates these measures for foreign workers can create 160 million US
dollars worth of revenue Amin son Arirang news

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