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National Pension’s Fund Set to be Depleted in 2057 Under Current System

National Pension’s Fund Set to be Depleted in 2057 Under Current System

SEOUL, Aug. 17 (Korea Bizwire) — South Korea’s state pension fund is on course to be depleted in 2057 under the existing system, studies showed Friday, with the pension operator suggesting two major options to keep it running. According to the latest studies conducted by the National Pension Service (NPS), also the country’s top institutional [...]

Many Fear the Depletion of National Pension Fund Without Gov’t Guarantee

Many Fear the Depletion of National Pension Fund Without Gov’t Guarantee

SEOUL, Aug. 11 (Korea Bizwire) — With an increasing number of South Koreans beginning to believe the argument that the national pension fund will be depleted around 2056 or 2057, which is three to four years earlier than previous estimates, worry over not being able to receive a proper pension is spreading among the general [...]

National Pension Fund Payouts Could Become “Pocket Money”

National Pension Fund Payouts Could Become “Pocket Money”

SEOUL, Aug. 9 (Korea Bizwire) — With worry by the public over the depletion of the national pension fund becoming more widespread, many critics are saying that the monthly subsidies provided to retired senior citizens may become “mere pocket money,” unable to cover the most basic daily expenses in the future. According to the Ministry [...]

Pension Fund Forecast to Be Depleted Earlier Than Predicted: Sources

Pension Fund Forecast to Be Depleted Earlier Than Predicted: Sources

SEOUL, Aug. 2 (Korea Bizwire) — South Korea’s national pension could run out of money by 2056 or 2057 if current financial conditions continue, three to four years earlier than previously projected by the government, official sources said Thursday. The government conducts reviews on the financial soundness of the National Pension Service (NPS) every five [...]

National Pension Service Considering Workplace Pension Scheme for Day Laborers

National Pension Service Considering Workplace Pension Scheme for Day Laborers

SEOUL, Dec. 27 (Korea Bizwire) – The National Pension Service is considering a workplace pension scheme for day laborers who work over eight days per month. According to the public pension fund on Monday, plans are being considered to ensure equal pension coverage in the workplace for day laborers as regular workers. Under the new [...]

State Pension Fund Management Assets Surpass 600 tln Won for First Time

State Pension Fund Management Assets Surpass 600 tln Won for First Time

SEOUL, Jul. 23 (Korea Bizwire) — The size of assets under management by South Korea’s state pension fund surpassed the 600 trillion won (US$536.2 billion) mark for the first time ever, the government said Sunday. According to the Ministry of Health and Welfare, the total value of funds controlled by the National Pension Service (NPS) [...]