Kim Seong-kon
The Korea Herald
Publication Date : 19-11-2014
South Korea is a strange country, where capitalism, socialism and communism blend and coexist. Our economic system is capitalist, our social structure is socialist, and our mindsets are communist. We adopt capitalism for our economic development, but strive for socialist welfare and demand equal distribution of wealth.
It is no wonder South Korea is called a land of contradictions. For instance, had it not been for the benefits of capitalism, Koreans would not have accomplished such outstanding economic prosperity. Yet, Koreans frequently condemn capitalism and big business corporations such as Samsung, LG and Hyundai as the root of all social evil and corruption. Paradoxically, however, they jump at the chance to work at these capitalist enterprises that they outwardly detest. Every year, thousands of young people apply for jobs at Samsung and beam with pride on being accepted.
By the same token, most Koreans detest the rich and privileged. Koreans mistake abhorring the rich and privileged for social justice. They assume that the rich are fundamentally corrupt people who accumulated wealth illegally. Naturally, they do not hesitate to criticise rich and powerful people openly. Ironically, however, while calling for economic equilibrium and equal society, Koreans secretly aspire to become rich and powerful themselves.
South Korea is now attempting to reform the public servants pension system. If reform is absolutely necessary for financial reasons, so be it. The problem is that the reform campaign resembles a ruthless witch-hunt. We unjustly condemn government pension beneficiaries as if they were impudent thieves who enjoy a luxurious post-retirement life at the taxpayers expense. This is far from the truth. The public servants pension system operates primarily on funds collected by deducting money from the government officials salaries each month. If a retired public servant receives a relatively high pension, it means that either he worked for the nation for a long time or that he contributed a larger sum to his pension fund every month.
Recently, a Korean newspaper carried an article condemning a retired public servant who has a full-time job now and still receives half of his monthly pension. Worse, he owns real estate as well. The article criticises him as if he were an unpardonable criminal, and implies that he should not be given his monthly pension at all since he is working full time even after retirement.
Few Koreans seem to realise that the above-mentioned person is entitled to full pension even though he has a job because he legally earned his pension by working for a long time at his former job and because he pays income and other taxes at his new workplace.
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Is Korea a capitalist country?