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A study on the type of retirement processes and its determinants for the aged

Hong, Baegeui 1 Kim Hye Yeon 2

1이화여자대학교
2서울시복지재단

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ABSTRACT

It is urgently needed to implement social welfare policies to supplement insufficient income for the elderly because of low benefits from public pension and social assistance in Korea. This study aims to investigate the representative type of retirement process and to find influential factors on retirement process. This study used lifetime job records for 20years from the Korean Longitudinal Study of Ageing(KLoSa) for males aged 45 and more in 2006. Using the group-based trajectory method, this study identified eight types of retirement patterns : ① never-worked, ② early retirees I, ③ early retirees II, ④ normally retired self-employees, ⑤ normally retired workers, ⑥ keep-working self-employees, ⑦ keep-working workers, and ⑧ never-stop working. The economic status of the normally retired workers is the highest among these eight groups, while those of early retirees and keep-working groups are worse than those of normal retirees. Thus, it is necessary to raise the benefit levels of public pension and social assistance programs for income maintenance of keep-working groups. In addition, various labor market policies are needed for early retirees to redeem works.

Citation status

* References for papers published after 2022 are currently being built.