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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 [...]

National Pension Fund Earns 13 Tln Won from Equity Investments This Year

SEOUL, May 12 (Korea Bizwire) – South Korea’s national pension fund has earned nearly 13 trillion won (US$11.5 billion) from stock investments this year thanks to the bullish stock market, data showed Friday.  According to the data by market tracker FnGuide and industry sources, the value of 278 stocks, of which the National Pension Service [...]

Private Pension Savings Fall Far Short of Investors’ Needs in Old Age

Private Pension Savings Fall Far Short of Investors’ Needs in Old Age

SEOUL, April 26 (Korea Bizwire) – Payouts by private pension savings accounts to investors significantly fell short of needs for post-retirement life, official data showed Wednesday. The average monthly payout by private pension savings stood at 260,000 won (US$231) last year, down 20,000 won from a year earlier, according to the data from the Financial [...]

Health Care and Pensions Under ‘Great Threat,’ S. Korean Government Warns

Health Care and Pensions Under ‘Great Threat,’ S. Korean Government Warns

  SEOUL, March 8 (Korea Bizwire) – A new analysis from the South Korean government warns the country of dangers facing pensions and the National Health Insurance Service (NHIS) in the coming years. Some worrying findings from the analysis paint a grim picture for health care users and pensioners in South Korea, as the national health [...]

Retirement Plans Losing Luster with Dismal Returns

Retirement Plans Losing Luster with Dismal Returns

SEOUL, Feb. 20 (Korea Bizwire) – Retirement plans are losing their credibility with below par rates of return.  According to official data from four official bodies representing institutions offering retirement plans – the Korea Federation of Banks, the Korea Life Insurance Association, the General Insurance Association of Korea, and the Korea Financial Investment Association – [...]