Permanent Delegation of the Republic of Korea to the Organisation for Economic Co-operation and Development (OECD)

▣︎ The OECD published the 2024 Pensions Outlook report. According to the report, pension assets in OECD countries have grown significantly over the past 20 years, exceeding $56 trillion as of 2023. The OECD emphasizes the multi-player pension model to enhance the inclusiveness of pension systems and encourages retirement savings through tax benefits and matching contributions. As a recommended investment strategy, the report suggests gradually reducing exposure to volatile stocks as retirement approaches. It also states that reverse mortgages contribute to expanding retirees’ financial resources but require careful consideration of both consumer protection and financial product supply. Additionally, the report highlights the importance of pension dashboards to help individuals track and predict their retirement income, as well as the need for digital financial literacy education. Meanwhile, the report notes that Korea provides tax credits for pension contributions and operates the Housing Pension (JTYK) program.