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National Pension Beneficiaries See Big Drop in Purchasing Power After Retirement

National Pension Beneficiaries See Big Drop in Purchasing Power After Retirement

SEOUL, Apr. 23 (Korea Bizwire) — The Hana Institute of Finance, a research unit of Hana Financial Group Inc., has suggested in its “Report on the Retirement Life of South Korean National Pensioners” published on Monday that nearly half of the recipients of the national pension plan see a 50 percent drop in their purchasing [...]

Divorced Spouses to Share Pension if Marriage Lasted More than One Year

Divorced Spouses to Share Pension if Marriage Lasted More than One Year

SEOUL, Dec. 24 (Korea Bizwire) — The government is pushing to revise a law that will permit divorced people to immediately claim part of the national pension received by their ex-spouses if the couple were married for at least one year, officials said Monday. Under the current system, a couple needs to be married for [...]

Gov’t to Change Rule for Easier Pension Sharing After Divorce

Gov’t to Change Rule for Easier Pension Sharing After Divorce

SEOUL, Dec. 17 (Korea Bizwire) — The welfare ministry said Monday it is reviewing a regulatory change that would allow divorcees to claim part of the national pension received by their ex-spouses after just one year of marriage. Eligibility for pension sharing currently comes with a number of prerequisites, including minimum five years in marriage [...]

SMEs Say Paying Half of National Pension Dues for Foreign Workers is Unreasonable

SMEs Say Paying Half of National Pension Dues for Foreign Workers is Unreasonable

SEOUL, Nov. 29 (Korea Bizwire) — Small to mid-sized firms are asking the government to modify pension requirements, arguing that paying half of the national pension dues for foreign workers with E-9 visas is unreasonable. The Korea Federation of SMEs (KBIZ) sent a letter to the Ministry of Health and Welfare on Wednesday asking the [...]

Research Study Predicts Pension Fund Depletion in 2058

Research Study Predicts Pension Fund Depletion in 2058

SEOUL, Jun. 26 (Korea Bizwire) — The national pension could run out of money by 2058 if current financial conditions continue, two years earlier than previously projected by the government, a research publication said Tuesday. The paper from the Korea Institute for Health and Social Affairs (KIHASA) predicted the National Pension Service (NPS) will start [...]