Seoul Introduces Midlife Savings Plan to Bridge Pension Gap

Too young for a pension, too old for youth aid: Seoul eyes midlife savings plan

Seoul wants to help middle-aged residents bridge a potentially lean stretch between their last paycheck and their first state pension payment by paying into long-term savings accounts. Under a blueprint unveiled during Mayor Oh Se-hoon’s campaign, participants would contribute 80,000 won ($58) a month for 10 years, while the city would add 20,000 won. Seoul estimated that the account could grow to as much as 16.4 million won, including investment returns, though the figures are campaign targets

By The Korea Herald