Hyundai Motor's labor union demanded an extension of the retirement age in this year's wage and collective agreement negotiations.

The goal is to eliminate the income gap in line with the time of receiving the national pension.

The union of Hyundai Motors, insisting that the extension of the retirement age should be legislated, along with the unions of Kia Motors and GM Korea, filed a petition to the National Assembly to request the legislation of extension of the retirement age in connection with the National Pension Service.

The current legal retirement age is 60, but the average retirement age is 49.4.

There is an income gap of about 15 years until receiving the national pension.

Retirees say that it is difficult to cover all their living expenses with the National Pension alone.

There are many people who are not properly prepared for retirement due to support and education of their children.

According to a survey by a financial institution, only 8% of those who answered that they had finished preparing for their retirement by the time of retirement.

In Japan, the law was amended in 2013 to allow working up to the age of 65.

Experts say that Korea should finish discussing the issue of job opportunities for the elderly and extension of the retirement age due to the decrease in the working-age population before 2033.

In the discussion of extending the retirement age, the issue of youth unemployment cannot be left out.

There are also opinions that the extension of the retirement age should not intensify the conflict between the youth and the older generation or the inequality between large companies and SMEs.

The government has announced that it will start discussing ways to extend the employment of the elderly from next year.

In this week's <Newsstory>, we would like to focus on the issue of the extension of the retirement age triggered by Hyundai Motor's labor-management negotiations, although it was omitted from the final agreement, and why the discussion is urgent.