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S. Korea to raise retirement age

Published By United Press International
SEOUL, Dec. 8 (UPI) -- South Korea is set to raise its age for public pensions eligibility to 65 by 2033 from the current 60, the National Pension Service said.

The plan is to increase the age for retirement pension by one year every five years starting in 2013, Yonhap News Agency reported.

The NPS did not comment on why it has planned the gradual shift but a parliamentary report claims the NPS could run out of money by 2053 due to the country's low birth rate and aging population.

About 39 percent of the South Korean population will be over age 60 by 2050.
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Tour de France concludes in Paris
Race winner Bradley Wiggins of Great Britain (C) stands between second place finisher Christopher Froome of Great Britain (L) and third place finisher Vincenzo Nibali of Italy on the presentation podium following the final stage of the Tour de France in Paris on July 22, 2012. Wiggins of Great Britain became that country's first ever overall winner of the Tour de France. UPI/David Silpa