ABSTRACT
Korea is one of the countries that are faced with a very rapid aging of the population. While family-ties still play a major role in securing income after retirement, there is a growing demand for public pensions in place of family support. It has not been long since Korea introduced a universal pension scheme. The rapid aging of the Korean population along with further development and refinement of the pension system may impose financial difficulties in maintaining the current pension system around 2030 considering that there still remains the issue of the unbalance between contributions and benefits in the current pension program to be resolved.
