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  • VanIslander
  • Moderator LVL 1

    • 3041

    • June 02, 2011, 10:12:19 am
    • Seogwipo, Jeju Island
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Korean pension may fail youth.... do you trust your pension?
« on: January 14, 2022, 04:29:17 am »
HEADLINE in The Korea Herald, January 13th 2022:
Young Koreans may be left with no pension
By Jung Min-kyung


Imagine how much worse it could become, given:
Quote from: The Korea Herald
..the poverty rate for those aged 65 and above here came to the highest among the 38 OECD members at 40.4 percent. The US ranked No. 2 at 23 percent, ...
« Last Edit: January 14, 2022, 04:32:44 am by VanIslander »


  • confusedsafferinkorea
  • Waygook Lord

    • 5822

    • October 08, 2010, 01:02:32 pm
    • Zhubei, Hsinchu County, Taiwan (not part of China)
    more
Re: Korean pension may fail youth.... do you trust your pension?
« Reply #1 on: January 14, 2022, 05:25:20 am »
Sadly, I think this is true of many countries. Governments 'borrow' easily from pension funds and well.... will they repay?
There is no known medical cure for stupidity!


  • L I
  • Waygook Lord

    • 7175

    • October 03, 2011, 01:50:58 pm
Re: Korean pension may fail youth.... do you trust your pension?
« Reply #2 on: January 14, 2022, 05:29:24 am »
http://m.koreaherald.com/amp/view.php?ud=20220113000765

Seems like a clickbait headline.

Currently can claim at 62.

Age might be raised more as life expectancy goes up.


  • VanIslander
  • Moderator LVL 1

    • 3041

    • June 02, 2011, 10:12:19 am
    • Seogwipo, Jeju Island
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Re: Korean pension may fail youth.... do you trust your pension?
« Reply #3 on: January 14, 2022, 05:46:04 am »
http://m.koreaherald.com/amp/view.php?ud=20220113000765

Seems like a clickbait headline.

Currently can claim at 62.

Age might be raised more as life expectancy goes up.
I am 52. I can't claim my Korean pension before age 65. There's talk of raising it to 67 or 70. But given the aging society and aghast elderly poverty rates, you'd think a democractic country would be more responsive. Maybe older voters need to be more mobilized (no pun intended).

In related news: the NPS has invested in riskier assets thanks to the gov't's loosening of controls, banking on bigger returns but putting the whole system in danger.


  • L I
  • Waygook Lord

    • 7175

    • October 03, 2011, 01:50:58 pm
Re: Korean pension may fail youth.... do you trust your pension?
« Reply #4 on: January 14, 2022, 05:53:55 am »
I am 52. I can't claim my Korean pension before age 65.

Article says:

“the age at which people are eligible for state pension currently stands at 62 here”

“South Korea plans to raise the age to 65 in 2033.”
___________________ ____

In ten years it’ll be 2032 and you’ll be 62, so wouldn’t you be able to claim it then? Rules are different for foreigners?


  • VanIslander
  • Moderator LVL 1

    • 3041

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Re: Korean pension may fail youth.... do you trust your pension?
« Reply #5 on: January 14, 2022, 06:10:49 am »
Article says:

“the age at which people are eligible for state pension currently stands at 62 here”

“South Korea plans to raise the age to 65 in 2033.”
___________________ ____

In ten years it’ll be 2032 and you’ll be 62, so wouldn’t you be able to claim it then? Rules are different for foreigners?
I have been told twice by the NPS office that i am eligible for my pension at age 65.

You have now made me pkan another trip to the office. I'll be back.
« Last Edit: January 14, 2022, 10:40:02 am by VanIslander »


  • hangook77
  • The Legend

    • 4900

    • September 14, 2017, 09:10:12 am
    • Near Busan
Re: Korean pension may fail youth.... do you trust your pension?
« Reply #6 on: January 14, 2022, 08:57:17 am »
The problem with Korea is all the age discrimination they tolerate here.  If they would crack down hard on that so people can keep working, then they can raise the retirement age a bit and head it off.  Maybe raise the premium slightly too.  So far, it does seem to be going up each year and I was born before 1990.  I will get some from Korea and some from Canada and maybe where ever else.  But I do believe if you can hold out longer than 60 or 65 or even up to 70, then you will get more per month the longer you can wait.  It may mean being a shitty door greeter at Wal Mart at age 65 or 70 just to keep working.  (Maybe back home voluntarily paying into your country's pension plan which it usually is after 65.)  Build up your home country and add it to Korea.  Even if you are married and going to retire here.  Go home for several years to work some more then come back.  Or if single and love the live abroad esl lifestyle.  Go home for a bit to work and then once really over the hill retire in a cheap ass country with two nations pensions. 


  • gogators!
  • Waygook Lord

    • 5435

    • March 16, 2016, 04:35:48 pm
    • Seoul
Re: Korean pension may fail youth.... do you trust your pension?
« Reply #7 on: January 14, 2022, 10:54:20 am »
This is a problem in many countries with low birth rates. It's one reason China loosened the one child policy.

US social security is a safety net to keep people out of poverty, nothing more. It was never intended to fund a nice retirement. For that you need to save and invest.


  • SPQR
  • Hero of Waygookistan

    • 1110

    • March 08, 2018, 07:04:54 pm
    • Sierra Leone
Re: Korean pension may fail youth.... do you trust your pension?
« Reply #8 on: January 14, 2022, 01:52:38 pm »
I am 52. I can't claim my Korean pension before age 65. There's talk of raising it to 67 or 70. But given the aging society and aghast elderly poverty rates, you'd think a democractic country would be more responsive. Maybe older voters need to be more mobilized (no pun intended).

In related news: the NPS has invested in riskier assets thanks to the gov't's loosening of controls, banking on bigger returns but putting the whole system in danger.

I'm not sure when I can receive mine. I'm almost 58.

There is a PDF put out by the NPS that states:

The Old-age Pension is paid monthly to those whose insured period is 10 years or
more and are over 60 years old. The pensionable age will increase by 1 year every
five years, starting from the year 2013, until it reaches 65 in 2033.


https://www.nps.or.kr/html/download/guide_for_foreigners_3.pdf


  • L I
  • Waygook Lord

    • 7175

    • October 03, 2011, 01:50:58 pm
Re: Korean pension may fail youth.... do you trust your pension?
« Reply #9 on: January 14, 2022, 02:05:41 pm »
Interesting.
__________
60 2012
61 2013
62 2018
63 2023
64 2028
65 2033
__________


  • L I
  • Waygook Lord

    • 7175

    • October 03, 2011, 01:50:58 pm
Re: Korean pension may fail youth.... do you trust your pension?
« Reply #10 on: January 14, 2022, 02:13:36 pm »
I'm not sure when I can receive mine. I'm almost 58.

Looks like five years from now at age 63.


  • L I
  • Waygook Lord

    • 7175

    • October 03, 2011, 01:50:58 pm
Re: Korean pension may fail youth.... do you trust your pension?
« Reply #11 on: January 14, 2022, 02:15:22 pm »
I have been told twice by the NPS office that i am eligible for my pension at age 65.

They are correct. (There is a staggering not mentioned in the article.)


  • hangook77
  • The Legend

    • 4900

    • September 14, 2017, 09:10:12 am
    • Near Busan
Re: Korean pension may fail youth.... do you trust your pension?
« Reply #12 on: January 14, 2022, 02:51:33 pm »
Interesting.
__________
60 2012
61 2013
62 2018
63 2023
64 2028
65 2033
__________

Looks like 2027 for him.  It will definitely be 65 or older for me.  But for Koreans if they up the age for healthy people, that is fine.  But will they ban employers from laying people off either in their 50's for some companies and 60 to 62 for some civil servants (at least the contract workers who get no teacher's pension)?  They gotta end age discrimination before they up the age.  Common sense.


  • Lazio
  • Expert Waygook

    • 761

    • January 27, 2018, 03:56:10 pm
    • Gyeongi-do
Re: Korean pension may fail youth.... do you trust your pension?
« Reply #13 on: January 14, 2022, 03:21:22 pm »
It would be decades for me to reach the current eligible age. And who knows how further they would push it by that time.
No thanks!


Re: Korean pension may fail youth.... do you trust your pension?
« Reply #14 on: January 14, 2022, 05:21:06 pm »
I'd qualify in 2023, if I had paid into the pension fund. We made a choice yonks ago to look after our own retirement. Too much uncertainty with the goverment plan way back then. Looks like there still is.


  • SPQR
  • Hero of Waygookistan

    • 1110

    • March 08, 2018, 07:04:54 pm
    • Sierra Leone
Re: Korean pension may fail youth.... do you trust your pension?
« Reply #15 on: January 14, 2022, 07:11:07 pm »
I'd qualify in 2023, if I had paid into the pension fund. We made a choice yonks ago to look after our own retirement. Too much uncertainty with the goverment plan way back then. Looks like there still is.

There will be no problems until after 2050.


Re: Korean pension may fail youth.... do you trust your pension?
« Reply #16 on: January 14, 2022, 07:16:48 pm »
Unless Samsung’s CEO needs another bailout from the NPS?

https://www.bbc.com/news/world-asia-38074082


  • gogators!
  • Waygook Lord

    • 5435

    • March 16, 2016, 04:35:48 pm
    • Seoul
Re: Korean pension may fail youth.... do you trust your pension?
« Reply #17 on: January 14, 2022, 09:10:31 pm »
Take the lump sum.


  • Lazio
  • Expert Waygook

    • 761

    • January 27, 2018, 03:56:10 pm
    • Gyeongi-do
Re: Korean pension may fail youth.... do you trust your pension?
« Reply #18 on: January 14, 2022, 09:28:24 pm »
There will be no problems until after 2050.

Not very reassuring for those that reach retirement age after that.


  • Sagi Keun
  • Veteran

    • 111

    • May 10, 2018, 11:47:23 am
    • Los Angeles
Re: Korean pension may fail youth.... do you trust your pension?
« Reply #19 on: January 14, 2022, 10:57:12 pm »
I am 52. I can't claim my Korean pension before age 65.

You can, just leave the country and cash it in lump sum.

Its only the Brits that have to wait until retirement age.

U can't possibly be British with a name like VancouverIslander