South Korea’s labor, management, and government have agreed to establish a “Job Creation Shared Growth Fund” to mitigate potential job displacement among young people resulting from planned increases to the mandatory retirement age. The fund will be financed, in part, by additional income taxes levied on workers continuing employment beyond the statutory retirement age. This aims to address concerns that extending retirement ages will limit opportunities for younger job seekers. The initiative seeks to balance the needs of an aging workforce with the necessity of providing employment for the next generation. Details regarding the fund’s size and specific allocation strategies are still being finalized. The agreement represents a compromise intended to foster cooperation between different demographic groups within the labor market. The government anticipates the fund will support various youth employment programs and initiatives.