SEOUL, Apr. 16 (Korea Bizwire) — While the number of women benefiting from South Korea’s national pension system has steadily increased, a substantial gender gap remains when compared to their male counterparts, highlighting the need for further progress. According to data from the National Pension Service, the number of female subscribers reached 10.15 million as of [...]
SEOUL, Apr. 15 (Korea Bizwire) — More than 7 in 10 South Koreans in their 20s and 30s profess a lack of confidence in the national pension system, citing concerns over population decline and the potential depletion of funds, according to a government study released on April 14. The Korean Women’s Development Institute surveyed 1,152 people [...]
SEOUL, Mar. 21 (Korea Bizwire) – The number of South Koreans opting to receive their national pension benefits before the official retirement age, despite incurring a financial penalty, has reached nearly one million, reflecting the economic struggles faced by many retirees. According to data from the National Pension Service released on March 20, the total number [...]
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 [...]
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 [...]
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 [...]
SEOUL, Aug. 9 (Korea Bizwire) — A growing number of South Koreans are opting to access their national pension earlier than the anticipated age, even at the cost of reduced benefits, the state pension operator said Tuesday. Since the initiation of withdrawals in 1999, 800,413 individuals have enrolled for the early receipt of the national [...]
SEOUL, Nov. 3 (Korea Bizwire) — Almost half of South Korean senior citizens receiving pensions are reluctant to stop working, a report said Wednesday. The Federation of Korean Industries analyzed the five-year data provided by Statistics Korea, which showed that as of May of this year, there were more than 3.7 million seniors in the [...]
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 [...]
JEJU, Jun. 26 (Korea Bizwire) — Starting next month, Jeju Province will be offering 300,000 won (US$258) in pension disbursements each month to haenyeo – traditional female divers from the island – who are more than 80 years old as part of a program that is scheduled to run over the next three years. The [...]