Korean IPA(Insurance & Pension Actuary)

Status of retirement #pension plans offered in #Korea in 2016

The Korean workplaces which introduced retirement pension system number 340,000. This accounts for 26.9% of the entire employers subject to the system.

Approximately 5.81 million workers join the retirement pension plans and this represents 50% of the total population subject to the system.

The subscription rate of males are 61.1% among those in 30s, 56.1% in 40s, and 48.7% in 20s whereas the female subscription rate is 54.0% in 30s, 50.9% in 20s, and 45.3% in 40s.

As of the end of 2016, the retirement pension asset in Korea amounts to 145.3 trillion KRW, a 16.2% increase from the end of last year.

Defined Benefit(#DB) scheme represents 68.1%, Defined Contribution(#DC) scheme represents another 22.9%, and Individual Retirement Pension(#IRP) represents the rest.

This data is posted on the website of Statistics Korea(http://kostat.go.kr).

16년 기준 퇴직연금통계 보도자료.pdf