National Pension Service Archives | Be Korea-savvy
In Graying S. Korea, Retirees Delay Receiving Public Pension

In Graying S. Korea, Retirees Delay Receiving Public Pension

SEOUL, May 24 (Korea Bizwire) — At 62, Kim Byung-jong reached public pension age last month. Instead of automatically taking the state pension, Kim, a retired car salesman, asked the National Pension Service (NPS), the operator of South Korea’s state pension fund, to defer his pension for five years. The reason? Delaying his pension will [...]

Pension Payments May Be Halved for Delivery Workers

Pension Payments May Be Halved for Delivery Workers

SEOUL, Sept. 4 (Korea Bizwire) – What do insurance planners, delivery workers, golf caddies, home-school teachers, and designated drivers have in common in Korea? The answer is that they are subscribed as “individual contributors” to the national pension plan. This may change, however, says National Pension Service (NPS) and Ministry of Health and Welfare (MOHW). The [...]

National Pension’s Fund Set to be Depleted in 2057 Under Current System

National Pension’s Fund Set to be Depleted in 2057 Under Current System

SEOUL, Aug. 17 (Korea Bizwire) — South Korea’s state pension fund is on course to be depleted in 2057 under the existing system, studies showed Friday, with the pension operator suggesting two major options to keep it running. According to the latest studies conducted by the National Pension Service (NPS), also the country’s top institutional [...]

Many Fear the Depletion of National Pension Fund Without Gov’t Guarantee

Many Fear the Depletion of National Pension Fund Without Gov’t Guarantee

SEOUL, Aug. 11 (Korea Bizwire) — With an increasing number of South Koreans beginning to believe the argument that the national pension fund will be depleted around 2056 or 2057, which is three to four years earlier than previous estimates, worry over not being able to receive a proper pension is spreading among the general [...]

National Pension Fund Payouts Could Become “Pocket Money”

National Pension Fund Payouts Could Become “Pocket Money”

SEOUL, Aug. 9 (Korea Bizwire) — With worry by the public over the depletion of the national pension fund becoming more widespread, many critics are saying that the monthly subsidies provided to retired senior citizens may become “mere pocket money,” unable to cover the most basic daily expenses in the future. According to the Ministry [...]