SEJONG, May 8 (Korea Bizwire) – South Korea has the highest employment rate of seniors among advanced countries due to the rapid aging and insufficient social welfare system, data said Monday. The employment rate of South Koreans aged 75 or older reached 17.9 percent in 2015, ranking first among 25 members of the Organization for [...]
SEOUL, May 2 (Korea Bizwire) – Retirees over 50 years old are most glad that they no longer have to deal with stress from work, but many feel that tight finances are dampening their post-retirement life, a survey said Tuesday. In the survey by the National Pension Service, conducted between April and September last year [...]
SEOUL, April 26 (Korea Bizwire) – Payouts by private pension savings accounts to investors significantly fell short of needs for post-retirement life, official data showed Wednesday. The average monthly payout by private pension savings stood at 260,000 won (US$231) last year, down 20,000 won from a year earlier, according to the data from the Financial [...]
SEOUL, March 9 (Korea Bizwire) – Raising grown-up children made the top five list of retirement risks amid rising youth unemployment in Korea, increasing the financial burden on local retirees. According to the latest report on retirement, compiled by the Mirae Asset Retirement Institute, the five major risks suffered by retirees in their 50s and [...]
SEOUL, Feb. 20 (Korea Bizwire) – Retirement plans are losing their credibility with below par rates of return. According to official data from four official bodies representing institutions offering retirement plans – the Korea Federation of Banks, the Korea Life Insurance Association, the General Insurance Association of Korea, and the Korea Financial Investment Association – [...]
SEOUL, Feb. 17 (Korea Bizwire) – An increasing number of South Koreans are seeking Buddhist priesthood after their retirement, but an ordinance set by the Jogye Order of Korean Buddhism – the largest Buddhist sect here – prohibits those over the age of 50 from commencing priesthood. An upcoming meeting scheduled for March will once [...]
SEOUL, Dec. 23 (Korea Bizwire) – Korea’s “wage peak system”, in a nutshell, gradually reduces wages paid to workers nearing retirement age, guaranteeing their job security in return. It also makes it easier, at least in theory, for employers to create additional jobs for young people. According to the Ministry of Employment and Labor, a [...]
INCHEON, Oct. 14 (Korea Bizwire) – Pak Se-ri made her last 18th hole putt Thursday afternoon at Incheon’s Sky72 Golf & Resort, marking the end of an illustrious twenty-year professional career. The 39-year-old golfer already played her final U.S. event at the U.S. Women’s Open in July, but decided to make one last appearance at [...]
SEOUL, Sept. 27 (Korea Bizwire) – South Korea’s pension subscription rate is too low to be able to handle the growing elderly population, and tax benefits may be one way of inducing people to sign on to private pensions for post-retirement life, a local research institute said Tuesday. According to the Hana Institute of Finance, [...]
SEJONG, Sept. 6 (Korea Bizwire) – With Korea’s low fertility rate of 1.24 (2015) and more of its working population retiring, an aging society is now at hand. The trend was reflected in a recent report by the National Tax Service and the Korea Institute of Public Finance, which noted the dramatic increase in the [...]