February 22, 2019 14:11
The Supreme Court on Thursday ruled that the maximum age a person can perform physical labor is 65, breaking a nearly 30-year precedent which set the retirement age at 60 in 1989.
The landmark ruling came as part of a lawsuit filed by the family of a four-year-old boy who drowned in a swimming pool in 2015. It is expected to raise the legal amount of damages from injury or death, and thus insurance rates.
An appeals court struck out an earlier decision which had calculated compensation at W254.16 million based on the assumption that the boy could have worked up to age 60 had he lived (US$1=W1,126).
The Supreme Court said the nation's average life expectancy in 2017 had risen to 79.7 years for men and 85.7 years for women, so the compensation for the boy should be set on the presumption that he could have worked until 65.
Lawyer Kim Jong-su said, "This will have a huge ripple effect on insurance companies and related industries."
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