South Korea Archives - Pension Policy International

14MarMarch 14, 2024

South Korea. Pension reform proposals criticized for lacking sustainability

The recent national pension reform proposal at the National Assembly is facing criticism for merely tweaking some key figures — such as the premium and income replacement rates — without tackling the essential reforms needed to bolster the system's long-term sustainability. Many say the suggested changes are provisional, especially given the uncertainty about when the national pension system might undergo revision again. A special pension reform committee associated with the National Assembly unveiled two proposals on Tuesday, following three days of...

March 14, 2024

NewsPension Reform, South Korea

05MarMarch 5, 2024

Aging Korea needs foreign caregivers: report

South Korea should come up with various measures to attract foreign nationals to work here as care workers, as the country faces a shortage in the sector to care for its rapidly aging society, a report by the Bank of Korea argued, Tuesday. The cost of hiring a care worker at a nursing home or other facilities was estimated at 3.7 million won ($2,775) per month as of last year, according to the report titled “Measures to alleviate the care...

March 5, 2024

NewsAging, South Korea

20FebFebruary 20, 2024

How South Korea Is Tackling Its Demographic Crisis

Some 24.5% of South Koreans aged 70 and above were still working as of January, local media reported Monday, as officials increasingly look to keep more elderly in the workforce to address a demographic crisis. Elderly employment figures have seen a steady increase since the country’s statistics authority started to collect the data in 2005. Among these workers, half of whom are aged 75 and above, 42.1% are considered “simple laborers” by authorities, referring to workers with jobs that are not specialized and require...

February 20, 2024

NewsAging, Labor Market, South Korea

16FebFebruary 16, 2024

South Korea has the world’s lowest fertility rate. Seoul’s mayor thinks he has a solution: a city-sponsored dating event

South Korea has the world’s lowest fertility rate, at just 0.78 births per woman as of 2022. It’s likely to get even worse, with Statistics Korea, the country’s official statistics bureau, forecasting a rate of just 0.72 for 2023. That would be three times lower than the often-accepted replacement rate of 2.1, the number of births needed to keep a population at a stable level. It’s even worse in Seoul, the nation’s capital, where the fertility rate is just 0.59....

February 16, 2024

NewsAging, South Korea

30JanJanuary 30, 2024

South Korea. NPS Achieved Impressive 9.88% Annual Return Last Year, Approaching 1 Quadrillion Won Mark

As of November last year, the National Pension Fund’s (NPS) rate of return approached double digits. Despite concerns about a global economic downturn, the strength of the stock market resulted in the evaluation of the fund’s assets surging to nearly 1 quadrillion won. The NPS Investment Management disclosed on Jan. 29 that the cumulative rate of return for the fund until November last year stood at 9.88 percent. This figure represents a notable increase from the cumulative return of 6.75...

January 30, 2024

NewsPension Management, Returns, South Korea

02JanJanuary 2, 2024

South Korean president set to reform pensions, labor and education

South Korean President Yoon Suk-yeol has shown a steadfast commitment to implementing sweeping reforms in labor, education, and pensions, as he acknowledged in his recent New Year address. The President’s pledge mirrors his unwavering resolve to address the long-standing rigidity of the nation’s job market, enhance the quality of education, and ensure the sustainability of the pension system. This commitment marks these policy areas as likely focal points for his administration’s significant legislative and practical efforts. Addressing Labor Concerns President Yoon’s...

January 2, 2024

NewsPension Reform, South Korea

27NovNovember 27, 2023

S. Korea’s youth population expected to halve in 30 years

The number of young South Koreans was expected to halve in 30 years amid the rapidly aging population and the record-low birthrate, the country's statistical agency said Monday. The number of those aged 19-34 totaled 10,213,000 in 2020, taking up 20.4 percent of the country's total population, according to Statistics Korea. The number was forecast to drop to 5,213,000 in 2050 after steadily declining from 13,849,000 in 1990 to 12,883,000 in 2000 and 10,967,000 in 2010. The percentage of youth to the...

November 27, 2023

NewsAging, South Korea

31OctOctober 31, 2023

Number of working Korean women in 30s surges amid low fertility rate

The recent trend of an increase in the proportion of working women in their 30s was primarily due to a reduction in the number of women with children, according to a report released Monday by the Korea Development Institute, a South Korean state-run think tank. Kim Ji-yeon, a researcher at the KDI, noted that although the drop in the number of women in their 30s that have children may seem like a positive factor in the short term because it...

October 31, 2023

NewsAging, Labor Market, South Korea

30OctOctober 30, 2023

Korea’s national pension fund logs over 10% return through October

Korea's state pension fund registered some 10 percent yield through October on the back of good performance in its investments in local and overseas stocks, its operator said Monday. The National Pension Service (NPS) said the national pension fund logged a 10.27 percent return in the January-October period, with the value of its assets under management reaching 997.38 trillion won ($739 billion) as of end-October. Last year, the pension fund logged its worst return at minus 8.28 percent amid jitters in...

October 30, 2023

NewsPension Management, Returns, South Korea

27OctOctober 27, 2023

S.Korea pension fund to keep increasing overseas investments through 2028

South Korea's National Pension Service (NPS) will increase its overseas investments to 60% of total assets by 2028, the welfare ministry said on Friday. The NPS will also prepare a portfolio-setting mechanism to expand alternative investments more easily, employ more personnel for such investments, and diversify its portfolio with mid-risk, mid-return investments. With the measures, the NPS aims to improve its investment returns by one more percentage point to help sustain the fund, which is expected to be depleted by 2055...

October 27, 2023

NewsInvestment, South Korea

March 2024

South Korea. Pension reform proposals criticized for lacking sustainability

Aging Korea needs foreign caregivers: report

February 2024

How South Korea Is Tackling Its Demographic Crisis

South Korea has the world’s lowest fertility rate. Seoul’s mayor thinks he has a solution: a city-sponsored dating event

January 2024

South Korea. NPS Achieved Impressive 9.88% Annual Return Last Year, Approaching 1 Quadrillion Won Mark

South Korean president set to reform pensions, labor and education

November 2023

S. Korea’s youth population expected to halve in 30 years

October 2023

Number of working Korean women in 30s surges amid low fertility rate

Korea’s national pension fund logs over 10% return through October

S.Korea pension fund to keep increasing overseas investments through 2028