Private pensions in South Korea are expected to grow significantly and surpass the national pension fund by around 2050.

At a recent policy symposium, experts stated that improvements in the system and higher investment returns could increase the income replacement rate of private pensions to as much as 25%.

Currently, private pensions account for only about 5% of income replacement. However, with broader participation and increased annuitization, retirement pensions alone could provide a more stable source of income in old age.

Experts also pointed out that Korea’s elderly poverty rate remains high, emphasizing that public pensions alone are insufficient. They stressed the need for a multi-layered pension system combining both public and private pensions.

They added that to achieve a 70% income replacement rate, policies should encourage continuous participation and structured pension payouts throughout retirement.

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