South Korea's Yoon says $830 bln public pension fund needs urgent reform

29/8/2024 11:56

        South Korean President Yoon Suk Yeol said on Thursday the national pension fund, one of the world's largest with $830 billion of assets, needs urgent reform to make it more equitable and to ensure income security for an ageing population.
        
        There had been a loss of confidence in the pension system across generations and there was a need for fundamental and sustainable reform to restore the trust of those who needed it in retirement, Yoon told a televised briefing.
        
        "Now is the time to fundamentally reform the national pension system that has the confidence of neither the elderly nor the youth," he said.
        
        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.