30% of young Koreans support abolition of national pension system: poll

Oct. 13, 2024 - 코리아타임스

By Jung Min-hoAbout 30 percent of Koreans, aged between 18 and 49, support the abolition of the national pension system amid waning public trust in the fund, a recent poll shows. The objection rate was much lower among people in their 50s (42.

5 percent), 60s (28.5 percent) and 70s (22 percent).

The results demonstrate skepticism about the pension system among young Koreans, which contrasts with their elders who hold more favorable views. This comes at a time when the government is pushing to reform the system to make it more sustainable and reliable.

Payments are expected to exceed contributions starting in 2041 due to the declining number of newborns, who are future contributors...