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A growing number of South Koreans voluntarily extended their subscriptions to the national pension scheme, data showed Wednesday, in an apparent move to secure stable sources of post-retirement income.
The number of voluntarily and continuously insured persons came to 403,078 as of May, marking the first time that the number has surpassed the 400,000 mark, according to data compiled by the National Pension Service, the world's third-largest pension fund.
Under the current system, people can continue to pay their contributions after age 60 to either meet the minimum 10-year subscription period or delay the starting date of the pension to increase the amount of monthly pension they can receive later on.
The number of voluntarily and continuously insured persons has been on the rise in recent years as many South Koreans are seeking stable sources of income for their post-retirement lives amid rapid population aging.
In 2010, the number of voluntarily and continuously insured persons stood at just 49,381, according to the National Pension Service.
The pension operator also said 339,927 people -- mostly housewives, military personnel and students aged under 27 -- voluntarily joined the national pension scheme and paid their insurance fees as of May, though they are not required to have pension subscriptions. (Yonhap)
