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S. Korea to raise retirement age

Dec. 8, 2012 at 12:18 PM

SEOUL, Dec. 8 (UPI) -- South Korea is set to raise its age for public pensions eligibility to 65 by 2033 from the current 60, the National Pension Service said.

The plan is to increase the age for retirement pension by one year every five years starting in 2013, Yonhap News Agency reported.

The NPS did not comment on why it has planned the gradual shift but a parliamentary report claims the NPS could run out of money by 2053 due to the country's low birth rate and aging population.

About 39 percent of the South Korean population will be over age 60 by 2050.

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