Since 2016, Korean workplaces have been required to set a retirement age of at least 60, prompting the adoption or extension of retirement policies. Using workplace-level panel data combined with administrative employment records, we employ an event-study design to examine the policy’s impact. The estimation results indicate that the policy increases employment for older workers aged 55–64 but reduces the employment of young workers aged 15–29, particularly in workplaces with 300 or more employees and in the service industry. The reduction in the employment of young workers can be attributed to the cumulative decline in new hires within this demographic. Notably, workplaces that have adopted the wage peak system—a salary cap on older workers—do not experience a decline in the employment of young workers.