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Sunday, September 13, 2009

South Korea: Retirement, Pension and Insurance Becoming Tough Bargain

South Korea or Republic of Korea witnessed unprecedented economic growth in the last 3 years. As a result, it became one of the richest countries in the world. Naturally, like other rich education nations, some changes came to the society here too. Average life expectancy grew a lot, people became more educated and the young generation became fan of American culture and style. So, the traditional family system faced a tough challenge. Now, many people are in old age but they have little protection from the government since it is a capitalist country. The old people suddenly find themselves in a very helpless condition and they do not get support from their children.
Many people do not get good pensions and insurance facilities either. As a result, they have bleak prospect. Korean government is now actively promoting job fairs for old people. Many old people are also actively seeking jobs in their late 60s or even sometimes in their early 70s. It is really a tragic scenario. They should rest at this age.
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