Chief senior economist at the Japan Research Institute, Kosuke Motani, gave a special lecture this afternoon titled “Aging and Its Impact on Economy” which focused on Korea and Japan.
Speaking to the Asia Society Korea Center, Motani said the aging population will greatly influence Korea's labor, product, and capital market as seen from Japan's current situation.
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Earlier this week, the labor and environment subcommittee under the National Assembly passed a revised law, stipulating workers be subject to the legal retirement age of 60 starting from 2016.
Seoul is predicted to be an aged society in 2017, and a super-aged society by the year 2026.
To better prepare, Motani has emphasized the importance of increasing female labor participation.
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He referred to women as Korea's "hidden manpower" and called on the government to improve work and life balance in order to promote more females to enter the workforce and also to increase nation's birthrate.
For tbs eFM News, I'm HyoungJoo Choi.■
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