[Newsmaker] Elderly left poor by low pension payments
Social affairsMar 15, 2015
South Korea was found to have one of the least generous pension systems in the developed world, while suffering its highest rate of senior poverty, a report showed Sunday. According to the Korea Labor Institute, the net replacement rate of the Korean elderly reached 45.2 percent as of 2011, about 10 percent lower than the average rate of countries in the Organization for Economic Corporation and Development. The net replacement rate is to the level of the post-retirement pension income compared