SEOUL: South Korean President Yoon Suk Yeol said on Thursday (Aug 29) the national pension fund, one of the world's largest with US$830 billion of assets, needs urgent reform to make it more equitable and to ensure income security for an ageing population.
FILE PHOTO: South Korea n President Yoon Suk Yeol speaks during an interview with KBS at the Presidential Office in Seoul, South Korea , February 4, 2024. The Presidential Office/Handout via REUTERS/File PhotoSEOUL: South Korea n President Yoon Suk Yeol said on Thursday the national pension fund, one of the world's largest with US$830 billion of assets, needs urgent reform to make it more equitable and to ensure income security for an ageing population.
Yoon said the contributions paid in must be increased to ensure the fund is sustainable and the rate of increase also differentiated between age groups to make it more equitable. South Korea's public pension fund, established in 1988 and currently the world's third-largest with 1,113.5 trillion won in assets, is expected to be depleted by 2055 as payments start to outpace contributions from 2041.
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