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self-employment

Why Do Retired Koreans Open Chicken Shops and Cafés?

October 27, 2026 by WHY KOREANS ARE
A small franchise food shop in a Korean neighbourhood at night with a single person working inside.

Koreans leave salaried work around 50 and cannot draw a pension for a decade. Self-employment fills the gap, and 60 percent of those businesses close in five years.

Categories Work Tags franchises, fried chicken, pensions, retirement, self-employment, seniority pay, small business 1 Comment

What Is Gwolligeum? Korean Shop Key Money Explained

October 27, 2026October 25, 2026 by WHY KOREANS ARE
A vacant commercial shopfront in Korea with a lease notice in the window and fittings left inside.

Gwolligeum is key money paid by one Korean shop tenant to another, not to the landlord. Illegal to recognise until 2015, now protected by statute.

Categories Money Tags Commercial Building Lease Protection Act, commercial lease, gwolligeum, key money, self-employment, small business 1 Comment
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