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 [...]
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 [...]
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 [...]
SEOUL, March 9 (Korea Bizwire) — South Korean wage workers retire at an average of 49.3 years old, more than half of whom are forced to opt for early retirement, a report said Tuesday. Mirae Asset Investment and Pension Center said that according to Statistics Korea reports, the average age of retirement among those between [...]