retirement Archives | Be Korea-savvy
46 pct of South Koreans Financially Unprepared for the Future

46 pct of South Koreans Financially Unprepared for the Future

SEOUL, Oct. 18 (Korea Bizwire) — Nearly half of all South Koreans say they are economically unprepared for life after retirement. According to a study conducted by the Korea Insurance Research Institute, 45.9 percent of 2,440 adults surveyed said that “they were not prepared economically for the final years of their lives.” Among respondents, 38.8 [...]

8-Year Gap Between Actual and Expected Retirement Age

8-Year Gap Between Actual and Expected Retirement Age

SEOUL, Oct. 8 (Korea Bizwire) — A new survey has found that while non-retirees predicted their retirement age to be 65 years old, actual retired respondents had to quit work at 57. In addition, the survey found that 1.98 million won was the minimum monetary amount needed per month after retirement to cover daily expenses. [...]

Koreans in their 50s and 60s in Search of Second Life

Koreans in their 50s and 60s in Search of Second Life

SEOUL, Aug. 31 (Korea Bizwire) – An increasing number of 50- and 60-somethings in Korea are getting national qualifications for technical skills, as they seek out their second life. According to a press release from the Ministry of Employment and Labor (MOEL) on Aug. 29, 63,929 out of 677,686 technical qualification certificates were issued to test [...]

Kimball Electronics Vice President, Human Resources Julie Dutchess to Retire After 43 Years with the Company

Kimball Electronics Vice President, Human Resources Julie Dutchess to Retire After 43 Years with the Company

JASPER, Ind., Jun. 28 (Korea Bizwire) — Kimball Electronics, Inc. (Nasdaq:KE), announced today that Julie Dutchess, Vice President, Human Resources, will retire after nearly 43 years with the company. Ms. Dutchess started her career at the Jasper, Indiana manufacturing operation and held various positions of increasing responsibility before she was named Vice President, Human Resources [...]

Fewer South Korean Seniors Need Work to Cover Living Expenses

Fewer South Korean Seniors Need Work to Cover Living Expenses

SEOUL, May 25 (Korea Bizwire) — A recent survey commissioned by the Ministry of Health and Welfare has revealed that 3 out of 10 elderly adults above the age of 65 were found to be economically active because they were unprepared for retirement. The survey found that 30.9 percent of 10,299 individuals questioned between April [...]

Majority of Middle Class Households Face Poverty After Retirement

Majority of Middle Class Households Face Poverty After Retirement

SEOUL, Dec. 7 (Korea Bizwire) – A shocking report has revealed that 6 in 10 middle class families in South Korea could suffer from financial hardships after retirement due to a lack of proper preparation. A study conducted by NH Investment & Securities’ research center found that 61.7 percent of middle class households believe their income [...]