SEOUL, Jan. 12 (Korea Bizwire) — The average amount of severance pay for retirement falls short of 100 million won (US$91,000), far below the expectations among those in their 40s and 50s that they would need at least 200 million won to support their children’s education as well as their marriage after they retire. The [...]
SEOUL, July 27 (Korea Bizwire) — The Army’s decades-old fleet of UH-1H helicopters are being retired this week, with South Korea’s homegrown multi-role chopper Surion replacing them, the military said Monday. The Army held a retirement ceremony, presided over by Aviation Operations Command Commander Maj. Gen. Kang Sun-young, commemorating UH-1H’s 52 years of service to [...]
SEOUL, May 12 (Korea Bizwire) – About 2 out of 3 retirees aged 50 or older in South Korea are forced to cut their living expenditures, a recent survey showed on Monday. For most office workers, the retirement experience is far from carefree golden years. Hana Financial Group Inc., a major South Korean banking group, [...]
SEOUL, March 13 (Korea Bizwire) — The average South Korean employee says that they need to save at least 700 million won (US$572,640) to prepare for retirement. This result is based on a survey conducted by Saramin, an online job portal, targeting 1538 workers. However, only 35.6 percent of the office workers thought they would [...]
SEOUL, Feb. 25 (Korea Bizwire) — A recent study has found that South Koreans in their 50s and older have cut spending due to anxiety over their income in their retirement years, contributing to the overall decline in the country’s propensity to consume. In a report released Monday, the Bank of Korea (BOK) analyzed the [...]
BUSAN, Feb. 5 (Korea Bizwire) — The number of elementary, middle and high school teachers in Busan who want to retire is increasing year after year. According to the Busan Metropolitan City Office of Education (BMCOE), 687 public elementary and secondary teachers and private middle school teachers applied for voluntary retirement in February. The figure [...]
SEOUL, Jan. 31 (Korea Bizwire) — More than six out of every ten South Koreans continue to work after retirement, which is high compared to other developed countries. The Credit Suisse Research Institute (CSRI) conducted an online survey in September last year of 1,000 people with voting rights in 16 countries, including South Korea, the [...]
SEOUL, Jan. 6 (Korea Bizwire) — South Korea’s banking industry is continuing to shrink. Hundreds of employees have already left or are preparing to leave due to special retirement at the end of the year and the beginning of the year. The country’s five major lenders — KB Kookmin, Shinhan, Woori, KEB Hana, and NH [...]
SEOUL, Nov. 19 (Korea Bizwire) — South Korean Go master Lee Se-dol, who is the only human to score a win against the artificial intelligence (AI) Go player AlphaGo, retired Tuesday. The 36-year-old officially retired from Go competition by submitting his letter of retirement to the Korea Baduk Association, which overseas Go professionals in South [...]
SEOUL, Oct. 24 (Korea Bizwire) — With the baby boom generation entering their 60s, many are reaching retirement age. A recent study showed, however, that more baby boomers were either asked to resign, fired, or cut from their jobs due to company difficulties. According to a report from the Korea Labor Institute (KLI) announced on [...]