Debut for South Korean “Pension” Lottery
As thousands of public sector workers in the UK went on strike on Thursday in protest at changes to their pensions, in South Korea the government is getting ready for the launch of its so-called “pension lottery” to try and cope with the aging population.
The first draw of the 520 Pension Lottery will take place on Wednesday 6 July and it will be the first lottery in South Korea that pays a monthly prize rather than a lump sum.
The top prize will be a monthly payment if KRW 5 million (GB£3,000) over a period of 20 years, hence the name “520”. The prize is inheritable but not transferable and cannot be used as backing for a loan. The chances of winning are 1 in 3.15 million.
In 2011 it is estimated that 11.4% of the South Korean population is aged over 65 years, some 5.56 million people out of a population of 48.75 million.