This video is recording of ‘All About Korean Pension’ Webinar held on June 22nd, 2023.

You can get the idea of general Korean pension scheme – starting from National Pension, Corporate Pension, and Individual Pension.

If you have further question, please contact us at kbpen.global@kbfg.com .

Thank you!

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All About Korean Pension (National Pension, Retirement Pension, Individual Pension) 💰

In South Korea, the pension system is composed of three main components: the National Pension, the Retirement Pension, and the Individual Pension. These three pension systems collectively play an important role in providing financial security for individuals during their retirement years.

National Pension:
The National Pension is a social insurance program that covers all citizens and residents of South Korea. It is a mandatory pension system for all Korean citizens and foreigners residing in the country for more than six months. Contributions to the National Pension are made by both employees and employers, with payments being made monthly.

Retirement Pension:
The Retirement Pension is a voluntary pension program that is also available to all employees. It is an employer-sponsored pension plan that provides employees with additional retirement income. Contributions to the Retirement Pension are made by the employer on behalf of the employee. Upon retirement, the accumulated funds in the Retirement Pension account can be withdrawn as a lump sum or converted into an annuity for regular income in retirement.

Individual Pension:
The Individual Pension is a private pension plan that individuals can set up on their own, independent of their employer. It is intended for individuals who want to build additional retirement savings beyond the National Pension and the Retirement Pension. Contributions to the Individual Pension are made by the individual, and the funds are managed by financial institutions such as banks, insurance companies, and investment firms.

Each of these pension systems has its own unique features and benefits, and individuals can choose to participate in one or more of these programs depending on their financial goals and needs.

The National Pension, Retirement Pension, and Individual Pension collectively provide retirement income security for South Koreans and residents of the country. By participating in these pension systems, individuals can ensure that they have a solid financial foundation in place to support them during their retirement years.

It is important for individuals to carefully consider their options and make informed decisions about their participation in the various pension programs available to them. Seeking advice from financial professionals can help individuals better understand their pension options and make the best choices for their future financial security.

In conclusion, the Korean Pension system is a vital part of the country’s social security net, providing individuals with a means to save for their retirement and ensuring that they can enjoy financial stability during their later years. Whether through the National Pension, Retirement Pension, or Individual Pension, individuals have a range of options available to them to build a secure retirement nest egg. By taking advantage of these programs, individuals can better prepare for their future and enjoy a comfortable retirement.