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Parliament Initiates Committee to Collect Public Opinions on Pension Reform

Parliament Initiates Committee to Collect Public Opinions on Pension Reform

SEOUL, Jan. 31 (Korea Bizwire) – The National Assembly launched a committee Wednesday to gather public opinions on national pension reform in an effort to draw a bipartisan agreement on enhancing the financial stability of the system amid population aging. Revamping the national pension system is one of President Yoon Suk Yeol’s key agenda items [...]

Half of Early Old-Age Pension Applicants Have Below-Average Income, Revealing Income Inequality

Half of Early Old-Age Pension Applicants Have Below-Average Income, Revealing Income Inequality

SEOUL, Sept. 14 (Korea Bizwire) — Low-income South Koreans with income levels below the national average tend to opt for early old-age pensions, while higher-income individuals delay receiving their old-age pensions to benefit from a larger pension payout, recent statistics show. According to data that Han Jeoung-ae, a Democratic Party lawmaker and member of the National [...]

S. Korea’s Public Pension Spending Falls Short of OECD Norms

S. Korea’s Public Pension Spending Falls Short of OECD Norms

SEOUL, Aug. 28 (Korea Bizwire) — South Korea’s government spending on public pensions, a primary means of addressing senior poverty, is merely half of the expenditure of other countries within the Organization for Economic Cooperation and Development (OECD), a report showed Sunday. According to Pensions at a Glance 2021 published by the Paris-based organization, a [...]

S. Koreans Born After 1990 Will Not be Able to Claim Their State Pension: Report

S. Koreans Born After 1990 Will Not be Able to Claim Their State Pension: Report

SEOUL, Jan. 14 (Korea Bizwire) — A recent report has called for the need to reform South Korea’s pension system as quickly as possible, given the nation’s rapid population ageing and elderly poverty problem. The Korea Economic Research Institute (KERI), the research arm of the country’s conglomerate lobby Federation of Korean Industries, said in a [...]

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 [...]

3 Students Found Dead, 7 Others Unconscious at Pension in Northeastern S. Korea

3 Students Found Dead, 7 Others Unconscious at Pension in Northeastern S. Korea

GANGNEUNG, Dec. 18 (Korea Bizwire) — Three senior high school students were found dead and seven others unconscious at a pension in the northeastern province of Gangwon, possibly due to carbon monoxide poisoning caused by inadequate ventilation, local police and firefighters said Tuesday. The owner of the pension, located in the city of Gangneung on [...]