RETIREMENT EXPECTATIONS OF OLDER SELF-EMPLOYED WORKERS IN KOREA: COMPARISON WITH WAGE AND SALARY WORKERS
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This paper explores how retirement expectations differ between the self-employed (SE) and wage and salary earners (WS) and why they differ. The results generally confirm the widely held belief that the SE expect to remain in the labor market longer than the WS. Differences in retirement incomes, health, productivity, job characteristics, and the presence of compulsory retirement in the workplaces of WS do not explain the observed disparity in the retirement expectations by employment status. This study suggests that the difference between the SE and WS in the quality of matching between the job and the worker is an important factor explaining the later retirement of the SE compared to the WS. Some implications of this study are discussed with regard to the causes of differences in labor force participation at an older age across times and countries, and the direction of labor-market reform in boosting the employment of the elderly population.
Abstract
This paper explores how retirement expectations differ between the self-employed (SE) and wage and salary earners (WS) and why they differ. The results generally confirm the widely held belief that the SE expect to remain in the labor market longer than the WS. Differences in retirement incomes, health, productivity, job characteristics, and the presence of compulsory retirement in the workplaces of WS do not explain the observed disparity in the retirement expectations by employment status. This study suggests that the difference between the SE and WS in the quality of matching between the job and the worker is an important factor explaining the later retirement of the SE compared to the WS. Some implications of this study are discussed with regard to the causes of differences in labor force participation at an older age across times and countries, and the direction of labor-market reform in boosting the employment of the elderly population.
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