SEOUL, Sept. 19 (Yonhap) -- South Korea's individual retirement pension market will likely reach 82 trillion won (US$72.4 billion) in 2030, an industry report showed on Monday.
The country's financial regulator is planning to introduce the individual retirement pension scheme in July next year, under which employees and self-employed workers are eligible to receive their pension after a certain age.
In June this year, the country's parliament approved a revision of the law on retired employee benefits, which had been gathering dust since November 2008. The revised law aims to better protect retired employees' rights by tightening rules on early retirement benefits and increasing retirement pension coverage.
The report compiled by the Korea Insurance Research Institute (KIRI) said local insurers should take a more active role in providing retirees with suitable products that guarantee an annuity income, as the market is expected to grow down the road.
South Korean insurers have been stepping up efforts to boost sales of retirement pension products as the country's population ages rapidly.
Meanwhile, South Korea's retirement pension market is expected to top 190 trillion won in 2020, another industry report said earlier. The country's retirement pension market stood at 29 trillion won in 2010.
