SEOUL, May 20 (Korea Bizwire) – With extending the retirement age emerging as a key issue in this year’s wage and collective bargaining negotiations at major South Korean companies, discussions on the matter are expected to take place at Hyundai Motor, a leader in the country’s automotive industry. On May 19, the Dong-A Ilbo reported that [...]
SEOUL, Apr. 29 (Korea Bizwire) – A staggering 81 percent of South Koreans risk facing an income drought after retirement, according to a recent survey, essentially equating retirement with poverty for a large segment of the population. The survey by the Korea Insurance Research Institute (KIRI) revealed that over 80 percent of non-retirees are ill-prepared for [...]
SEOUL, Apr. 25 (Korea Bizwire) – Maintaining a stable lifestyle after retirement in South Korea requires a nest egg of at least 1.1 billion won, according to a new analysis, with health care costs and support for adult children emerging as major expenses alongside basic living costs. The figure, which factors in 30 years of retired [...]
SEOUL, Mar. 21 (Korea Bizwire) – The number of South Koreans opting to receive their national pension benefits before the official retirement age, despite incurring a financial penalty, has reached nearly one million, reflecting the economic struggles faced by many retirees. According to data from the National Pension Service released on March 20, the total number [...]
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 [...]
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 [...]
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 [...]
SEOUL, Dec. 8 (Korea Bizwire) — The Army retired a scout dog, famed for his role in locating a missing teenager in 2019, from surveillance duty due to old age on Thursday, officials said, concluding his storied decadelong career. The armed service held a retirement ceremony for Dalgwan at the 32nd Infantry Division’s maneuver battalion [...]
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 [...]
SEOUL, June 22 (Korea Bizwire) — More than half of the income earned by seniors in South Korea turned out to be labor wages, indicating that a lot of seniors still work after retirement to sustain their livelihood, a report said Tuesday. The report titled “Pensions at a glance 2021″ published by the Organization for [...]