SEOUL, Jan. 28 (Korea Bizwire) — South Korea’s state pension operator said Friday its fund is anticipated to be depleted in 2055 should the country maintain the current system amid the critically low birth rates and the aging population. The fund is also set to post a shortfall starting in 2041, according to the latest [...]
SEOUL, Dec. 14 (Korea Bizwire) — Amid concerns that the financial condition of the National Pension Service will continue to worsen at a faster pace, the presidential candidate of the minor opposition party pointed out the problem in the national pension’s investment strategy. During an internal meeting held at the National Assembly on Monday, Ahn [...]
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 [...]
SEOUL, Mar. 27 (Korea Bizwire) — An increasing number of South Korean divorcees are sharing the national pension received by their ex-spouses due to rising gray divorces, data showed Wednesday. According to the data from the National Pension Service, 28,259 people were receiving part of their ex-spouse’s pension as of end-2018, a sharp increase from [...]
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 [...]
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 [...]
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 [...]
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 [...]
SEOUL, Korea, Mar 20 (Korea Bizwire) – Among Korean households, there is an increasing number of those who are suffering from the lack of money to spend, not to mention for money to save. The economic burden to the households is not limited to the decline in income and increasing debt. The main cause of [...]