[News Today] Middle-aged workers face early retirement

[LEAD]
As the year draws to a close, layoffs are spreading across the retail and financial sectors.

Many of those affected are workers in their 40s and 50s.

Still in their prime, they are increasingly being pushed toward early retirement.

[REPORT]
Choi Seung-hoon had to step down from his former job at a gym equipment manufacturing company, in his mid-50s after sustaining a serious finger injury.

For the following months, he submitted his resume to hundreds of companies in search of a new job, to no avail.

Choi Seung-hoon / Early retiree (56 years old)
On the surface it appears as if there is no age limit but such restrictions are very much prevalent.

Korean middle-aged men retire at around 51 on average.

But the average age at which they hope to retire is 73.

That's a gap of more than 20 years.

Just a little over 50 percent of retirees find new jobs.

Due to the difference between what they seek and what companies offer, they eventually have to lay down a lot of expectations and needs to land a job.

In the face of this tough reality, middle-aged job seekers often get discouraged.

Lee / Job seeker (54 years old)
I think, "What if I do it wrong or make mistakes? Am I qualified enough to apply?"
So I often feel discouraged for my age.

Some experts stress that helping middle-aged retirees get new jobs can be one of the ways to reduce the enormous amount of welfare spending and ease labor shortage.

Prof. Lee Chul-hee / Seoul Nat'l University
It will be inevitable to utilize middle-aged people, because those older than 65 will account for 40 percent of the population in 20 years.

If they don't find jobs, they will become welfare recipients.

The Ministry of Employment and Labor is pushing to expand support for older job seekers.

On a social scale, it is also necessary to pay more attention to middle-aged retirees, since their present reflects the future of today's youth.

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