SEOUL, Sept. 6 (Korea Bizwire) — South Korea’s tax-to-GDP ratio needs to surpass the 35 percent mark by 2060 to meet the government’s social welfare-related spending plan, a local think tank said Wednesday. The report by the Korea Economic Research Institute (KERI) comes as the ruling Democratic Party proposed hiking up tax rates for the [...]
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 [...]
SEOUL, June 28 (Korea Bizwire) – The percentage of elderly South Koreans receiving public or private pensions stood at 30 percent in 2016, a government report showed Wednesday. The report by the Board of Audit and Inspection (BAI), which analyzed data by the NPS and private insurance companies, showed many people remaining unprotected by the [...]
SEOUL, June 2 (Korea Bizwire) – Fewer than 4 in 10 irregular workers in South Korea benefit from the country’s state pension program, a much lower percentage than full-time employees, a report said Thursday. Slightly over 36 percent of temporary workers had state pension subscriptions as of 2016, compared to 83 percent for regulars, according [...]
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 [...]
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 [...]
SEOUL, April 12 (Korea Bizwire) – With South Korea seeing more late-marriage divorces, the number of pensioners who split their benefits with former partners is also on the rise. As mandated by local civil law, divorcees who were married for a minimum of five years are entitled to half of the annuity (negotiable starting this [...]
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 [...]
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 – [...]
SEOUL, Feb. 14 (Korea Bizwire) – South Korea’s state pension fund is expected to receive over 1 trillion won (US$869 million) in stock dividends from the country’s top 30 conglomerates, sharply up 20 percent from last year’s tally, industry data showed Tuesday. Industry tracker CEO Score analyzed dividend payments planned by the conglomerates-affiliated 97 companies [...]