The National Pension Service (NPS), a significant player in the domestic capital market, has been found to have invested most heavily in the IT and electronics sectors over the past year. (Image courtesy of Yonhap)
SEOUL, Jan. 31 (Korea Bizwire) – The National Assembly launched a committee Wednesday to gather public opinions on national pension reform in an effort to draw a bipartisan agreement on enhancing the financial stability of the system amid population aging.
Revamping the national pension system is one of President Yoon Suk Yeol’s key agenda items amid deepening concerns the pension fund could deplete sooner than expected due to rapid aging. The state-run National Pension Service said earlier that the fund is forecast to be exhausted by 2055 after experiencing a shortfall starting in 2041.
Chaired by an honorary professor specializing in social welfare studies, the committee will conduct two rounds of public surveys on several issues, such as premium rates.
The results will then be reported to a parliamentary special committee on pension reform to facilitate bipartisan agreement before the current parliamentary term concludes on May 29.
“The results of the public opinion poll will serve as an important standard and stepping stone for pension reform,” said Rep. Joo Ho-young of the ruling People Power Party, who chairs the special committee, urging the committee to reach a conclusion as soon as possible.
South Korea is anticipated to have the world’s largest share of people aged 65 years or older by 2044 due to rapid aging, according to data from Statistics Korea.
(Yonhap)
