South Korean youth fear retirement age extension will reduce new hiring

A survey conducted by the Korea Enterprises Federation (KEF) among 1,052 young adults aged 20 to 34 reveals significant concerns regarding the job market and potential legislative changes. Approximately 81% of respondents believe that extending the legal retirement age would lead to a decrease in new hiring for young people, an increase from 70.8% in the previous year's survey.

About 62.9% of participants described the current youth employment market as difficult. Key reasons cited for these challenges include the acceleration of hiring experienced workers, a general decrease in recruitment compared to the previous year, and a reduction in labor demand due to the use of artificial intelligence (AI).

When selecting a workplace, 66.6% of respondents prioritized salary levels, followed by job security at 46.0%. The survey also noted regional differences in preferences: youth in the Seoul metropolitan area showed a higher preference for large and medium-sized enterprises, while those in non-metropolitan areas expressed a stronger preference for civil service and public institutions.