S/Korea’s corporate retirement pension grows 15.5% in 2021

South Korea’s corporate retirement pension grew in double digits last year with an increasing number of companies adopting the pension scheme, statistical office data showed on Monday.

Corporate retirement pension funds under management amounted to 295 trillion won ($226.6 billion) in 2021.

This showed an upward trend of $30.7 billion, or 15.7 per cent, from a year earlier, according to Statistics Korea.

Of the total, banks managed 50.5 per cent, life insurers managed 22.2 per cent and securities firms managed 21.3 per cent.

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A total of 425,000 companies have retirement pension schemes in 2021, up by four per cent from the prior year.

Similarly, 6,838,000 pension holders gained 2.8 per cent last year.

Of the total eligible employees, 53.3 per cent n of the corporate retirement pension was covered.

A corporate retirement pension was introduced in 2005 to help ensure after-retirement life through pension payments. (Xinhua)