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South Korea Sees Record Number of Seniors Start Their Own Businesses

South Korea Sees Record Number of Seniors Start Their Own Businesses

SEJONG, Feb. 16 (Korea Bizwire) – For the first time, the number of self-employed individuals over the age of 60 in South Korea has surpassed the two million mark. This significant milestone, primarily attributed to a sharp increase in seniors entering the transportation sector, including personal taxi and delivery services, reflects a broader trend of older [...]

Surge in S. Korean Seniors Opting for Early Pension Payments

Surge in S. Korean Seniors Opting for Early Pension Payments

SEOUL, Aug. 24 (Korea Bizwire) – An increasing number of South Korean seniors are opting to begin receiving national pension payments earlier than the legal standard, with the cumulative count expected to surpass 1 million individuals. According to a report from the National Pension Research Institute, the count of senior citizens opting for early pension [...]

S. Korean Firms Prefer Reemploying Seniors Over Retirement: Survey

S. Korean Firms Prefer Reemploying Seniors Over Retirement: Survey

SEOUL, July 11 (Korea Bizwire) — South Korean firms prefer to reemploy seniors instead of simply letting them retire, a major business association said Monday. The Korea Enterprises Federation conducted a survey of 1,047 companies employing over 30 individuals, of which 67.9 percent expressed a preference for reemploying retiring personnel. In contrast, 25 percent chose [...]

S. Korea’s Retired Seniors Face Highest Poverty Rate Among OECD Countries

S. Korea’s Retired Seniors Face Highest Poverty Rate Among OECD Countries

SEOUL, June 27 (Korea Bizwire) — The relative poverty rate among retired seniors in South Korea is the highest among all Organization for Economic Cooperation and Development (OECD) member states, data showed Monday. According to data released by Statistics Korea, the relative poverty rate for South Korean seniors aged over 66 was 43.2 percent in [...]

Senior Population Growth Deepens Income Inequality: BOK

Senior Population Growth Deepens Income Inequality: BOK

SEOUL, June 16 (Korea Bizwire) – The expanding proportion of seniors since the mid-1990s has exacerbated income inequality among households nationwide, the central bank said Thursday. South Korea’s Gini coefficient for market income gradually increased for older age groups until individuals reached their 50s, but it experienced a significant spike among individuals in their 60s [...]