retirement Archives | Be Korea-savvy
Survey Reveals Most South Korean Adults Unprepared for Future Elderly Care Needs

Survey Reveals Most South Korean Adults Unprepared for Future Elderly Care Needs

SEOUL, Jan. 29 (Korea Bizwire) – A recent survey has highlighted that the majority of adults in South Korea are not adequately prepared for the eventual need for elderly care, which becomes necessary due to aging or age-related diseases that hinder daily activities.  The Korea Insurance Research Institute (KIRI) conducted a survey among 1,900 adults aged [...]

Internal Discontent at KEPCO Over ‘Salary Return Agreement’ for Voluntary Retirement Funding

Internal Discontent at KEPCO Over ‘Salary Return Agreement’ for Voluntary Retirement Funding

SEOUL, Jan. 24 (Korea Bizwire) — The Korea Electric Power Corporation (KEPCO), grappling with a debt of 200 trillion won, is causing internal strife after asking employees to sign a ‘salary return agreement’ to fund voluntary retirement severance. This move has sparked significant discontent among employees, with some questioning why employee money is being used to [...]

Middle-Aged South Koreans Retiring Much Earlier Than Desired

Middle-Aged South Koreans Retiring Much Earlier Than Desired

SEOUL, Nov. 2 (Korea Bizwire) – A recent survey has revealed that middle-aged individuals in South Korea aspire to continue their economic activity until the age of 69, on average. However, their average retirement age is actually around 50. According to the findings from the 2023 survey on older adults’ job-seeking activities, released by the Tomorrow [...]

Confidence Toward Retirement Depends on Labor Income, Health and State of Mind: Survey

Confidence Toward Retirement Depends on Labor Income, Health and State of Mind: Survey

SEOUL, Nov. 24 (Korea Bizwire) — People who are highly confident about their life after retirement commonly have more than five channels of income set up for post-retirement life, a survey showed Thursday. A research unit of South Korea’s asset managing giant Mirae Asset Financial Group conducted a survey of 2,000 office workers in their [...]

Hyundai Motor to Support Post-retirement Life of Employees in Their 50s

Hyundai Motor to Support Post-retirement Life of Employees in Their 50s

SEOUL, April 22 (Korea Bizwire) — Hyundai Motor Co. has introduced a new program to support senior employees who want to look for new career opportunities after early retirement. The South Korea’s leading carmaker recently started operating a Career Consulting Service (CCS) program targeting employees over 50 who want to change jobs or careers, according [...]

Pension Savings Grow 5 pct in 2021 amid Youngsters’ Keen Interest in Retirement Preparations

Pension Savings Grow 5 pct in 2021 amid Youngsters’ Keen Interest in Retirement Preparations

SEOUL, April 11 (Korea Bizwire) — South Korea’s personal pension savings grew 5 percent in 2021 as younger people have keen interest in making preparations for post-retirement life, data showed Monday. The country’s personal pension savings reserves came to 160.1 trillion won (US$130.2 billion) last year, up from the previous year’s 152.5 trillion won, according [...]