The distinguishing feature for many workers in South Korea is contractual - and often involuntary - retirement at a young age (mid-50s for most workers) followed by precarious and low-paying self-employment or contract work. In the past this practice, which is also found in other East Asian nations, provided firms with a youthful and highly productive workforce. However, with a rapidly aging population and shifts in the labour market, the existing arrangement is becoming less and less functional.

This book examines how this retirement arrangement arose, and the policy reforms that...