Think-tank calls for overhaul of South Korea's pension system

The Korea Economic Research Institute (KERI) report showed that young Koreans may not be able to claim their pension by 2055 unless the current pension system is overhauled. The Seoul-based think tank said South Korea is set to become a super-aged society in the near future as it deals with a growing elderly population. In South Korea, those aged 65 and above account for 17.3% of the population of over 50 million at the moment. KERI voiced concerns that the nation’s lacklustre public and private pension programmes and a failure to reform the pension system could become a major burden for future generations. The National Assembly had said earlier that under the current circumstances, the state pension will be depleted by 2055.