A recent survey reveals growing discontent among young South Koreans regarding the country’s national pension system. (Image courtesy of Yonhap)
SEOUL, Oct. 14 (Korea Bizwire) – A recent survey reveals growing discontent among young South Koreans regarding the country’s national pension system, with nearly 30% of those in their 20s and younger advocating for its abolition.
The Youth Action for Pension Reform commissioned a poll conducted on October 7 and 8, surveying 1,001 South Koreans aged 18 and above via automated telephone interviews.
The results, released on October 13, highlight a generational divide in attitudes toward pension reform and elderly welfare.
When asked about priorities for pension reform, 44.9% of respondents emphasized reducing future generations’ debt for financial stability, while 21.7% favored increasing pension payouts for income security.
Notably, 20.7% supported abolishing the national pension system entirely and resolving unfunded liabilities through the national treasury.
Support for pension abolition was particularly strong among younger age groups, with 29.4% of those in their 20s and younger, 29% of those in their 30s, and 31.8% of those in their 40s advocating for this drastic measure.
These figures sharply contrast with older age groups, where support for abolition is significantly lower.
The survey also revealed a strong opposition to increased elderly welfare among younger generations. Overall, 48.6% opposed improving income security for elderly welfare, with this figure rising to 54.5% among those in their 20s and younger.
Resistance to premium rate increases was also evident, particularly among the youth, as 51% of those in their 20s and younger opposed raising premium rates to address pension debt, reflecting concerns about their future financial burden.
While 68.4% of respondents were aware that the national pension fund is projected to be depleted by 2055, there were significant knowledge gaps on other crucial aspects.
68.1% were unaware of the approximately 1.8 quadrillion won unfunded liability, and 72.2% did not know that premium rates could rise by up to 35% long-term when the system transitions from a funded to a pay-as-you-go system upon fund depletion.
In the ongoing debate between financial stability and income security, 55.5% of respondents favored prioritizing financial stability, indicating a preference for long-term sustainability over immediate benefits.
M. H. Lee (mhlee@koreabizwire.com)
