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Proposed Law Has Divorced Spouses Sharing Pension Funds After One Year of Marriage

Proposed Law Has Divorced Spouses Sharing Pension Funds After One Year of Marriage

SEOUL, Nov. 19 (Korea Bizwire) — A new law that would entitle each spouse to half of the other’s national pension funds upon divorce after a marriage period of one year or longer is being pushed forth. Under current laws, couples must be married for five years of more to be entitled to the same [...]

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 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 [...]

8 in 10 Low-Income Earners Will Have No Pension After 65

8 in 10 Low-Income Earners Will Have No Pension After 65

SEOUL, Jun. 30 (Korea Bizwire) — Eight out of ten low-income, middle-aged and elderly people between the ages of 38 and 63 will likely face an uncertain financial future after retirement without a private pension or retirement pension, let alone the national pension, even after they turn 65. This forecast is based on an audit [...]