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The article is small. The words are to the point so I copied the entire article here.
Quote:
In most of advanced economies, the word retirement invokes positive images, but in Korea it is most associated with economic hardship, fear and loneliness. This is the result of a 2011 survey carried out by British bank HSBC of 17,000 people between 30 and 60 in 17 countries.
Many people in Korea work long hours -- 2,100 hours a year on average -- before they retire and have little time to spend with their family. This often leads to feelings of boredom and loneliness once they are no longer working.
But 39 percent out of 1,096 Korean respondents thought of retirement as an opportunity for a new chapter in life.
If anyone of you have ever been to other parts of the world you will know that they take a different view of a lot of things. In Korea and I believe we are talking about the Republic Of South Korea here, they seem to have a different view of what retirement is. Asked in a survey the South Koreans associate retirement with economic hardship (I take that to mean poverty) fear, and loneliness.
From personal experience I can tell you that family is key when they can. Koreans by nature are very hard working and put in long hours. In my personal experience (Mrs Golf is from Korea) the hard working nature is very true. I am living with this hard working person who in a few years I hope will be able to transition from that to something a little less stressful.
I don't know if this is true of everyone in Korea. The survey is a small sample in the very heavy population of Korea. I dont know if they all feel that they will be lonely but I can tell you that it is hard for them to just turn it off like a faucet.
Traditionally as in many cultures Korean families generally had the old folks integrated into their communities and homes. Now that Korea is "coming of age" in a more advanced/prosperous world, they are farming out the old folks to senior living situations. When my daughter taught school in South Korea, she was told on arrival that she would be sharing a small apt with the headmaster's mother (in his home)! One bathroom. And, by the way, teaching two full sessions of school in one day. A culture that is fast emerging from traditional ways, and very hard-working for sure.
I actually agree with you both on that. I dont think the South Koreans have cornered the market on hard work. In fact I think it is human nature to either work hard or not and everything in between. Their culture and upbringing will have an effect on their work ethic and habits but as a whole I dont think we work any less then they do. Many of my friends have had multiple jobs to make ends meet.
Who works 40 hour weeks? I did not until I retired (g).
There are many countries where manufacturing employees work 2400 hours per year.
By the way, in many cases, the numbers would be this:
52 x 40 = 2080
Less vacation: (120)
Less holidays ( 80)
Less sick days ( 40)
Hours worked 1840
That assumes full time work. Many Americans are only employed part time. Also our unemployment rate is higher. This means we average fewer working hours over a lifetime. If the average American is unemployed 6% of the time that averages out to about 120 fewer hours a year.
Right after I retired, my ex asked if I could go get some Amish men who were going to work on her roof. (she couldn't get 4 men and all their equipment in a 2 door car. lol) I was talking to the boss of the group and mentioned I had retired. He asked my age and I told him 52. He gave me a shocked look and wanted to know what I was going to do with the rest of my life. I told him I hadn't decided yet and he just shook his head. They are like the Koreans, hard workers.
(The reason I retired from my job with the state was their retirement system was changing. If I didn't retire by the end of '08 I would have to work another 8-10 years to draw the same amount.)
Most often government retirement system only change for new hires because of what is called terms of employment which means what they promised you when you hired as retirement as part of compensation. that avoid ligation because its seen same as printed contract .if they go bankrupt like we are seeing that changes things.
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