SEOUL, Jun. 26 (Korea Bizwire) — With some two years left before his retirement, Park Young-joon (an alias) is preparing for the next chapter of his life, harboring hopes that he could get a chance to work after he turns 60. The 58-year-old Park, who works at a state-run bank, earned a doctorate in economics [...]
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 [...]
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 [...]
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 [...]
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 [...]
SEOUL, Sept. 3 (Korea Bizwire) — A new measure is being put forth that would allow for the immediate split of pension funds between spouses upon divorce. According to the Ministry of Health and Welfare and the National Pension Service, a committee created by the ministry to overlook the use of funds by the National [...]
SEOUL, Sept. 3 (Korea Bizwire) — The South Korean market for so-called target date funds (TDFs) has been growing fast this year amid growing worries over post-retirement life, a market tracker said Friday. According to FnGuide, 70 TDF products with a net asset value of 1 billion won (US$890,000) or more had a combined 1.21 [...]
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 [...]
SEOUL, March 22 (Korea Bizwire) — The amount of corporate retirement pension funds managed by South Korea’s financial institutions gained 14.6 percent in 2017 from a year ago, but their annual rate of return was below 2 percent, data showed Thursday. The accumulated corporate retirement pension funds stood at 168.4 trillion won (US$158 billion) as [...]
SEOUL, Nov. 3 (Korea Bizwire) – More South Koreans now believe society and the government need to play an active role in helping the elderly, a new report has revealed. According to the survey published by the Korea Institute for Health and Social Affairs, the number of people who believe it’s a family’s responsibility to support their [...]