An acquaintance of mine — whom I have known for over a decade — said over a cup of coffee one afternoon that he does not want to be promoted to an executive position. The man, in his mid-50s, has been in the same job for nearly 25 years. He prefers to continue as a team leader or even be demoted to a team member if it means he can stay employed until he reaches the retirement age of 60.

I didn't take him seriously at first, but he went on with quite convincing reasoning. "Salaries increase only marginally at my company. The only real benefit of becoming an executive is driving a company car. For that, you have to wear a suit and tie and attend various meetings day and night. Not to mention, you have to oversee way more junior employees," he stressed while sipping his coffee.

"Above all, when you wear an executive badge, companies can let you go at any time. You become a temporary worker without any job protection. I just want to retire stress-free when the time comes and prepare for what's next," he said.

As much as I wanted him to become the "star of salarymen," there wasn't much I could say in response, given Korea's increasingly unstable job security and a lack of social safety net for retirees. He certainly is not the only senior-level employee who avoids pursuing executive positions and looks to remain in his current position at his place of work until he reaches 60.

More and more workers like him are choosing this path amid the nation's prolonged economic downturn. These days, retailers, chemical product makers and other companies, large or small, are pushing to downsize their workforce to cut labor costs, and executives and senior managers are often the first group they go after.

There is even an uncorroborated rumor that some firms intentionally promote some senior-level employees in their 40s and 50s to executive positions to then lawfully lay them off one or two years later. Under Korea's labor law, employers must keep employees on the payroll until the age of 60 unless they commit a crime or act against the company's interests.

This growing "Promotion? No, thank you!" trend, which was unthinkable even just a few years back, is also shared by an increasing number of workers in their 20s and 30s prioritizing their personal lives over work.

Many seem reluctant to become a team leader or senior manager, instead opting for a better work-life balance, even if this means a smaller paycheck. The so-called quiet quitting trend, which refers to fulfilling only the minimum requirements of one's job and investing no more time and effort than necessary, explains well what's going on in the Korean workplace these days. Some say they don't want to be promoted because they want to continue enjoying various perks enjoyed by those who are part of the labor union.

Reflecting this changed tendency among employees, young or old, labor unions at major business groups have started efforts to help members secure the right to refuse job promotions.

In early May, the union of HD Hyundai Heavy Industries (HHI) made headlines by demanding that management permit its members to decline promotions that would render them ineligible for union membership. As part of this year's collective bargaining, the union also requested that the company refrain from dismissing employees or reducing their wages when they opt not to accept promotions.

When the unions of Hyundai Motor and HD HHI made similar demands in 2016, they were denounced as selfish and considered to be killing the Korean manufacturing sector's competitiveness. However, such demands are no longer perceived as selfish, particularly in light of the COVID-19 pandemic and the continued economic slowdown. This has led many Koreans to prioritize their work-life balance and job security over higher wages and increased authority in the workplace.

Certainly, the calls for a worker's right to decline job promotions will continue to grow in the coming years. However, Korean companies do not seem to be ready for this new breed of employees because they still need people willing to work day and night like many did in the 1980s and 1990s.

The writer is business editor at The Korea Times.