—To Avoid Burdening Your Family—
—Should You Forgo Tax Assistance and Benefits? What a Waste—

“What will happen if I become someone without a pension in the future?”
—Have you ever seriously considered this? Regardless, let me write about the reality of people without pensions, based on a close acquaintance of mine.

To state the conclusion first: I want you to fully understand that those without pensions are not just a problem for themselves and their spouses, but they cause daily heartache for their children and grandchildren as well.

In the case of my acquaintances, a couple without pensions, the wife passed away from cancer at 73 after a long battle with illness. The husband, nearing 80, continues to be hospitalized and bedridden. In his younger days, he was an energetic man who changed jobs many times. He was completely indifferent to his retirement pension.
If they had substantial assets upon retirement, it might be different, but in reality, they approached old age with virtually no assets and began to experience frequent illnesses. This is a common scenario we see around us.

Although they chose the path of no pension by their own responsibility and judgment, their children, who were salaried workers, suddenly found themselves under immense pressure.
The sentiment was, “If our parents had been enrolled in the pension system, we wouldn’t have to struggle so much with finances…” This is likely their honest feeling.
In short, it is a grave mistake to think that being without a pension is merely a personal matter. It results in an overwhelming burden on the entire family.

I have no intention of promoting the government or the Social Insurance Agency by urging people to pay their National Pension premiums. What I want to convey is that you should bear in mind that being without a pension is a critical issue for the entire family.

The number of people in unstable occupations like part-time workers continues to increase. Currently, nearly 40% of people are not paying their National Pension premiums. There is something important I must add here: two-thirds of the National Pension fund is covered by tax revenue. It has been decided that this will be increased to one-half by fiscal year 2009. If you opt out of the pension system, you cannot receive the benefits of the taxes you pay. It is, quite literally, a waste.

Furthermore, the National Pension system offers exemption and deferral systems for those with low incomes or who are unemployed. Please remember to utilize these relief measures.
Many who do not pay premiums cite financial burdens. Utilizing the aforementioned systems would be a strong option. A new Youth Payment Deferral System has also been established. If you have any questions, please actively inquire with your local municipality's National Pension 담당자 (person in charge).