A Study On Determinants Of Early Retirement For The Mid-Old Aged: Focusing On The Comparison Of The Polarized Occupational Groups

Abstract

The main purpose of this study is to analyze the determinants of early retirement for the mid-old aged according to the polarized occupational groups. Based on push and pull dualism, this paper demonstratively identified the determinants of those under the age of 60 worker’s early retirement decision under the perspective that the retirement timing varies depending on their polarized occupations: managers, (semi)experts as one group, and service workers, sales workers, agricultural and fishing skilled workers, and simple labor workers as the other group. To this end, this study was carried out on the KLoSA, using from the 2nd(2008) to 8th(2020) survey and using independent T-test, chi-squared test, and logistic regression. The main findings of this study are as follows. First, as a result of analyzing the determinants of early retirement of all workers, the pull factor was dominant over the push factor. Second, among managers and (semi)experts, push factors are found to have more influence on their early retirement decisions than pull factors. Lastly, among service workers, sales workers, agricultural and fishing skilled workers, and simple labor workers, both push and pull factors affect strongly the decision of early retirement for the mid-old aged. Based on these results, it is suggested that a guarantee system for retirement should reflect the job characteristics of middle-aged workers, a strategy to remove barriers to labor demand should be activated, and health promotion, and management activities in companies are needed.