SEOUL, Oct. 8 (Korea Bizwire) — A new survey has found that while non-retirees predicted their retirement age to be 65 years old, actual retired respondents had to quit work at 57. In addition, the survey found that 1.98 million won was the minimum monetary amount needed per month after retirement to cover daily expenses. [...]
SEOUL, Oct. 3 (Korea Bizwire) – Accumulated peer-to-peer (P2P) loans in South Korea are estimated at over 4 trillion won (US$3.57 billion) as of the end of August, data showed on Wednesday. P2P lending refers to a new type of loan extended to individuals or businesses through social network services and the Internet, covering [...]
SEOUL, Oct. 2 (Korea Bizwire) – Excess funds held by South Korean households fell in the second quarter of this year from a quarter earlier on increased purchases of new houses amid a property boom, central bank data showed Tuesday. Net financial funds, covering assets minus liabilities, controlled by households and nonprofit organizations totaled 11 trillion won [...]
SEOUL, Sept. 27 (Korea Bizwire) — The financial regulator said Thursday it will ease some rules on local private equity funds, with the aim of removing outdated restrictions on the industry and spurring competition with foreign rivals. Under the move, the Financial Services Commission (FSC) said it will allow local private equity funds to have [...]
SEOUL, Sept. 21 (Korea Bizwire) — After the onset of the global financial crisis, the speed of increase of household debt in Korean families was found to be 7.8 times the OECD average. The aggregate of loans taken out by low income families (bottom 30 percent of the population) or by those who with low [...]
SEOUL, Sept. 11 (Korea Bizwire) — The financial watchdog said Tuesday it will require home shopping channels to spell out insurance and annuity products, in a move that would make it easier for consumers to understand terms and conditions of a contract. Under the move, home shopping channels will be required to use larger text [...]
SEOUL, Sept. 6 (Korea Bizwire) — South Korea’s household savings rate is expected to drop down the road due to population aging as elderly people find little room to save due to falling income, a report said Thursday. South Korea became an aged society in 2017, with more than 14 percent of its 50 million [...]
SEOUL, Sept. 3 (Korea Bizwire) — A series of new insurance coverage plans that offer additional discounts for health-conscious walking enthusiasts have been launched recently. Heungkuk Life Insurance Co. revealed today that it was offering a plan titled “Vari-Good” that refunds a maximum of 10 percent of a subscriber’s insurance premium depending on the distance [...]
SEOUL, Sept. 3 (Korea Bizwire) — A new measure is being put forth that would allow for the immediate split of pension funds between spouses upon divorce. According to the Ministry of Health and Welfare and the National Pension Service, a committee created by the ministry to overlook the use of funds by the National [...]
SEOUL, Sept. 3 (Korea Bizwire) — The South Korean market for so-called target date funds (TDFs) has been growing fast this year amid growing worries over post-retirement life, a market tracker said Friday. According to FnGuide, 70 TDF products with a net asset value of 1 billion won (US$890,000) or more had a combined 1.21 [...]