National Pension Service (South Korea)

The National Pension Service (NPS) of South Korea is a government-run program designed to provide financial security for citizens during retirement. Workers contribute a portion of their income to the NPS, which is then invested to grow over time. When individuals reach retirement age or become eligible due to disability, they receive monthly pension payments based on their contributions and the duration of their participation. The NPS aims to ensure that retirees have a reliable source of income, helping to alleviate poverty and promote economic stability in an aging society.