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‘Don’t trust the pension system’: why young South Koreans back later retirement

PressNewsAgency
By PressNewsAgency

Kim Sung-ho, 38, an office worker, said he is increasingly open to the idea of raising the retirement age in South Korea.

“A few years ago, I opposed extending the retirement age,” he said. “But now, living costs and housing prices are getting higher. I worry more about my own future. I think I will need a stable source of income until I get older. Extending retirement age isn’t about the older generation any more. It’s about preparing for the future for my generation too.”

Similarly, An Ju-young, a marketing assistant, 34, said income from being employed as a regular salaried worker is better than relying on the state-run pension payout.

“My generation doesn’t trust the pension system. I think I speak for my generation when I say we don’t believe the national pension will support us by the time we get to the retirement age, given South Korea’s superaged population and all that,” she said.

If retirement age is pushed back, then we would have more years to save for post-retirement life

An Ju-young, marketing assistant

“That’s the hard truth and everyone knows it. If retirement age is pushed back, then at least we would have more years to earn monthly income and save for post-retirement life. It’s more practical.”

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