Working through retirement: How South Korea’s pension system is failing seniors



Analysis Working through retirement: How South Korea’s pension system is failing seniors Record-low birth rates, declining workforce and shifting family structures contribute to Korea’s elderly poverty crisis Hyojin KimMay 29, 2023 SHARE COPY LINK FACEBOOK X LINKEDIN MASTODON An illustration of a senior citizen in a park \| Image: Korea Pro At 66, Kim Sook-hyang applies her energy daily to cleaning an apartment complex in Gangnam, sparing only Sundays. For seven hours a day, her labor earns her $600 per month, a grueling feat for her aging frame. Yet she has to keep working. “I didn’t know I’d still have to work at this age,” Kim told Korea Pro. Once a nursing assistant at a university hospital, Kim retired at 58 after almost 30 years of diligent service, expecting a peaceful retirement supported by her pension. Now living solo, she finds herself in the unenviable position of adding to her © Korea Risk Group. All rights reserved. No part of this content may be reproduced, distributed, or used for commercial purposes without prior written permission from Korea Risk Group. LATEST ANALYSIS 01Samsung, SK Hynix rejection exposes South Korea’s chip-grid financing problem 02Trump’s Cheongung social media post tests Seoul’s refusal to arm to Ukraine 03Lee Jae Myung risks public trust as South Korea rewires its justice system 04South Korea turns to Central Asia as Iran war tests its energy resilience 05Houthi seizure of Mokha sharpens South Korea’s Hormuz deployment dilemma 06Japan’s stronger yen may cut Korea’s import bill while raising funding costs 07South Korea leans on Europe as Hormuz deployment choices grow narrower 08Hanwha’s Austal bid shows where South Korea’s MASGA plan may be heading

Analysis

Working through retirement: How South Korea’s pension system is failing seniors

Record-low birth rates, declining workforce and shifting family structures contribute to Korea’s elderly poverty crisis

Hyojin KimMay 29, 2023

Working through retirement: How South Korea’s pension system is failing seniors

An illustration of a senior citizen in a park | Image: Korea Pro

At 66, Kim Sook-hyang applies her energy daily to cleaning an apartment complex in Gangnam, sparing only Sundays. For seven hours a day, her labor earns her $600 per month, a grueling feat for her aging frame. Yet she has to keep working.

“I didn’t know I’d still have to work at this age,” Kim told Korea Pro.

Once a nursing assistant at a university hospital, Kim retired at 58 after almost 30 years of diligent service, expecting a peaceful retirement supported by her pension. Now living solo, she finds herself in the unenviable position of adding to her

LATEST ANALYSIS

01Samsung, SK Hynix rejection exposes South Korea’s chip-grid financing problem
02Trump’s Cheongung social media post tests Seoul’s refusal to arm to Ukraine
03Lee Jae Myung risks public trust as South Korea rewires its justice system
04South Korea turns to Central Asia as Iran war tests its energy resilience
05Houthi seizure of Mokha sharpens South Korea’s Hormuz deployment dilemma
06Japan’s stronger yen may cut Korea’s import bill while raising funding costs
07South Korea leans on Europe as Hormuz deployment choices grow narrower
08Hanwha’s Austal bid shows where South Korea’s MASGA plan may be heading

Working through retirement: How South Korea’s pension system is failing seniors

LATEST ANALYSIS

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Hyojin Kim