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S. Korea: More Pay into National Pension |
| Source: |
koreaherald.com |
| Source Date: |
Wednesday, December 29, 2010 |
| Focus: |
Electronic and Mobile Government, Citizen Engagement, Internet Governance
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| Country: |
Korea (Republic of) |
| Created: |
Jan 04, 2011 |
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The number of subscribers to the national pension scheme has surged this year, reflecting a growing interest in preparations for retirement life, health officials said Wednesday.
According to the National Pension Service of Korea, an average of 3,300 people, more than triple the 1,030 in 2009, are newly contributing to the compulsory pension scheme since July.
The increase was more apparent in those who are exempt from the payment such as stay-at-home housekeepers, students and soldiers. As of December, the daily average of new volunteer subscriptions was 371, an 11-fold increase from 34 last year.
As of November, more than 14.14 million citizens were registered as pension subscribers.
“As the first generation of baby boomers, who were born between 1955-63, started to retire this year, more people are paying attention to retirement life and national pension, leading to the surge in pension subscribers,” said a NPS official.
The pension agency added that people who used to try to evade the payment also started to voluntarily subscribe to the pension fund, with the average number fo those joining the fund daily soaring 78 percent from 2009.
In the past, many Koreans considered their pension contribution a form of tax that would never be returned and worried the pension fund could dry up even before they retire.
The prevalent distrust, however, has recently begun to wane as the pension fund shows a strong performance in its investment returns amid a repidly aging population, the official said.
The total assets of the NPS first surpassed the 300 trillion won ($271 billion) mark in July and the number of benefiting pensioners increased to more than 3 million this year.
“As the benefits and investment achievements of the national pension fund started to be recognized, more citizens are expressing trust toward the fund,” said NPS Chairman Jun Kwang-woo.
“In order to meet the growing expectations and better prepare for an aging society, we will make more efforts to improve our services and manage the fund more effectively,” he said.
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S. Korea: More Pay into National Pension The number of subscribers to the national pension scheme has surged this year reflecting a growing interest in preparations for retirement life health officials said Wednesday
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