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Newsweek
4 days ago
- Politics
- Newsweek
The Boomers Having Their Wages Cut for Continuing to Work
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. South Korea's older workers are facing steep wage cuts and insecure work conditions simply for staying on the job past a certain age—a reality drawing criticism from rights groups. Why It Matters South Korea has one of the highest rates of elderly poverty in the developed world. According to Human Rights Watch (HRW), 38 percent of people over 65 live in relative poverty. The nation's "peak wage" system and mandatory retirement policies are pushing many older workers into lower-paid, more precarious jobs, even as the country faces a shrinking workforce and a falling birthrate. Newsweek reached out to the South Korean embassy in Washington, D.C., via email with a request for comment. What To Know Critics say the mandatory retirement ages, forced wage cuts for older employees and reemployment programs that shift retirees into lower-paid, insecure roles reinforce ageist stereotypes and undermine the dignity and rights of South Korea's older population. South Korea's "peak wage" system lets employers reduce wages by as much as 50 percent in the years leading up to mandatory retirement, which is often set at 60. While the system is meant to encourage companies to hire younger workers, HRW found "no evidence that the government is achieving its aim of hiring younger workers under the peak wage system or that it is monitoring how employers use the savings to this end." An older man wearing a face mask sits on a bench in Seoul, South Korea, on March 20, 2019. An older man wearing a face mask sits on a bench in Seoul, South Korea, on March 20, 2019. Ed Jones/AFP via Getty Images Instead, many retirees are moved into "non-regular" jobs with lower pay and fewer protections—often earning less than the national minimum wage. The government's own Korea Labor Force Development Institute for the Aged reported that more than 70 percent of its placements for older workers are volunteer roles. The rights group found no evidence that these measures are actually helping young job- seekers or improving productivity, and said they have, in many cases, caused financial and psychological harm. In addition, the Act on Prohibition of Age Discrimination in Employment and Elderly Employment Promotion specifically exempts mandatory retirement ages from being challenged as discrimination, making it nearly impossible for older workers to contest these practices. Data from the Ministry of Employment and Labor show older workers earn 29 percent less, on average, than workers 59 and younger. What People Have Said Kim Ki-duk, a labor lawyer, told The Guardian, "Simply raising the retirement age to 65 would give companies more years to apply discriminatory wage cuts under the current system." Gwon Oh-hoon, a 52-year-old attorney in Seoul, told HRW: "It's an infringement of human dignity. Just because I'm older, I can't work where I've worked my entire life." What's Next With the number of retirees rising fast—South Korea's working-age population is projected to fall by half within 50 years. The government has discussed raising the retirement age to match the state pension eligibility age—currently 63 and set to rise to 65 by 2033—but labor advocates warn that unless wage structures are also reformed, this may simply extend the period of discrimination.
Miami Herald
03-07-2025
- Automotive
- Miami Herald
Ford CEO makes shocking AI unemployment claim
Since ChatGPT burst onto the scene, there has been endless chatter about AI coming for white-collar jobs. Initially, it felt like distant noise, with a few tech layoffs here or there. Fast-forward to now, though; the AI unemployment threat is real and scaling up quickly. Don't miss the move: Subscribe to TheStreet's free daily newsletter Companies are braver with automation, especially with AI tools getting sharper over time. Hence, entire industries could be bracing for impact, and a recent bombshell from Ford's CEO suggests the automotive sector might be next. Image source: Ed Jones/AFP via Getty Images Over the past year, automakers have axed thousands of white-collar jobs in layering AI across every corner of their operations. Last August, General Motors cut over 1,000 salaried software and service positions. The company deemed it a push to streamline operations, with AI tools reshaping how it builds and sells cars. GM was back at it by April this year, laying off another 200 workers at its all-electric Factory Zero plant in Detroit. Tesla is another auto giant that's swung the axe on jobs. Related: Analyst reboots IonQ stock price target for surprising reason Early this year, the EV behemoth shed thousands of jobs while watching key executives head for the exits in a pivot to full self-driving tech. Around the same time, Tesla poached a former Cruise executive to run its growing AI division. Also in April, Volvo Group North America said it would cut up to 800 U.S. jobs across three sites. It blamed weak demand but pointed to its push to automate production faster. Hence, AI is actively reshaping automation with 24/7 uptime and leaner supply chains, cutting headcounts to squeeze costs. More Tech Stock News: Veteran Tesla bull drops surprising 3-word verdict on robotaxi rideApple could make big change to Siri, delight fansVeteran analyst issues big Broadcom call, shakes up AI stock race And it's not just North America seeing rapid shifts driven by AI. German auto parts giant ZF looks to cut 14,000 jobs by 2028, while Volkswagen's software arm Cariad could shed 1,600 staff as it races to digitize. Looking ahead, managing the social fallout of this AI-first era remains a big test for automakers and industry players alike. Ford (F) CEO Jim Farley isn't mincing words about AI's impact on the American white-collar workforce. "Artificial intelligence is going to replace literally half of all white-collar workers in the U.S.," Farley told a crowd at a recent event, calling out what he sees as an "asymmetric impact" on the economy. He also feels some areas will get a boost, while others will suffer, with AI leaving many white-collar employees out in the cold. It's important to note that Farley isn't the only one who has such comments. Amazon CEO Andy Jassy recently told staffers that AI-driven efficiency gains will likely shrink the company's workforce in the coming years. Related: Veteran analyst drops shocking Tesla target Dario Amodei, CEO of Anthropic, recently told Axios that AI might obliterate 50% of all entry-level white-collar jobs and take unemployment rates to 10% to 20% in as little as five years. Meta CEO Mark Zuckerberg echoes the same sentiment. In April, he predicted that AI could write most of Meta's code in just 12–18 months. Fiverr CEO Micha Kaufman also put it bluntly, saying, "It does not matter if you are a programmer, designer, product manager, data scientist, lawyer, customer support rep, salesperson, or a finance person - AI is coming for you." These forecasts may sound extreme, and plenty of folks disagree, but the message is loud and clear. Corporate America's top brass sees a massive disruption coming, and those riding the AI wave will benefit the most. Related: Veteran analyst drops jaw-dropping Tesla stock target The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
The Guardian
01-05-2025
- Politics
- The Guardian
Workers, dancers and pagans: Thursday's photos of the day
A funeral is held for two people who were killed by a US airstrike on two houses in the north-west of the city Photograph: Mohammed Hamoud/Anadolu/Getty Images Members of the May 1st Collective march against a meeting of the far-right National Rally party on International Workers' Day Photograph: Ed Jones/AFP/Getty Images Tourists dressed in Hanfu visit the Summer Palace Photograph: Jessica Lee/EPA A burned-out garden centre in a village among hills west of Jerusalem, where emergency services have been battling wildfires for a second day. Police have reported the reopening of several major roads that had been closed Photograph: John Wessels/AFP/Getty Images A cat is spared the loud noises at Pet Expo Thailand with specially designed ear defenders Photograph: Rungroj Yongrit/EPA Visitors take in the view at Tsim Sha Tsui during the May Day holiday Photograph: Bertha Wang/AP Members and supporters of Russian Communist party carry a portrait of Joseph Stalin as they take part in May Day celebrations near the Karl Marx monument. International Workers' Day is an annual holiday that celebrates workers, their rights, achievements and contributions to society Photograph: Sergei Ilnitsky/EPA Union members rallying on May Day Photograph: Kim Hong-Ji/Reuters A woman working at a brick kiln Photograph: Pervez Masih/AP A man rides his motorbike through the shadows Photograph: Gabriel Bouys/AFP/Getty Images Protesters raise their fists during a May Day rally Photograph: Angelos Tzortzinis/AFP/Getty Images Protesters shout slogans from a bus after being detained by Turkish police. Officers detained dozens of people who were trying to tear down barricades to reach Taksim Square, where authorities had forbidden 1 May rallies Photograph: Kemal Aslan/AFP/Getty Images Palestinians search the rubble of a house targeted by an Israeli strike that killed at least five members of the Abu Sahloul family Photograph: Abdel Kareem Hana/AP An environmental protester is carried out of a building hosting the Drax annual general meeting in the City of London Photograph: Vuk Valcic/ZUMA Press Wire/REX/Shutterstock Swimmers using the suspended Sky Pool in Nine Elms on a sunny day Photograph: Kin Cheung/AP Beltane celebrations, marking the beginning of summer, at Glastonbury Chalice Well Photograph: Ben Birchall/PA Store manager Matt Gould celebrates a customer arriving at the opening of the new Ikea store by Oxford Circus Photograph: Andy Hall/The Observer The Wessex Morris Men greet sunrise at the Trendle, an ancient earth-banked enclosure on the hill above the Cerne Abbas Giant hill figure Photograph:
