It is more likely that a 75 year-old South Korean will be working than a 60 year old Frenchman. According to OECD (Organization of Economic Cooperation and development) statistics cited by Floyd Norris, workers in South Korea and Japan remain in the labor force longer than their French counterparts.
Is this good or bad? It might depend on how you answer the following questions:
1. Is grandpa taking junior’s job?
2. Can government afford to take care of grandpa?
3. Does grandpa like his job?
The Economic Lesson
While France is hit by demonstrations against raising the retirement age to 62, South Korea is scheduling “silver job fairs” to help older workers find jobs. Understanding the different approaches takes us to the political, economic, and social implications of fiscal policy–government spending, taxing, and borrowing.