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Video Description

Type: KIHASA Policy Featurette

Topic: Let's find out how the government supports retirement preparation!

Guest Speaker: Hwang Nam-Hui, Deputy Director, Department of Population Policy Research, KIHASA

Transcript

Speaking of government support for retirement preparation, Korea began to experience rapid population aging before its welfare systems, including the public pension system, had fully matured. At the same time, the sense of family responsibility for supporting the elderly has weakened. As a result, “preparing for retirement on one’s own is not a choice but a necessity” in Korea today.

To make sure its retirement preparation policies are evidence-based, the government conducts a survey every five years to find out how people are preparing for retirement. This survey is based on a set of retirement preparedness indicators first developed in 2011. These indicators cover four main domains: interpersonal relationships, health, leisure activities, and finances. Each area is broken down further. Interpersonal relationships are divided into two parts: current relationships with others, and perceptions and practices concerning those relationships. Health is divided into health status and healthy lifestyle. Leisure activities are divided into current participation in leisure activities, and awareness of and plans for future leisure activities. And the finance domain covers current financial preparedness, and awareness and financial practices for retirement.