Sahakyeongeum Signs MOU with 7 Major Social Insurance Council

[Asia Economy Reporter Minji Lee] The Private School Teachers' Pension Service (hereinafter referred to as the Private School Pension) announced on the 13th that it has signed a Memorandum of Understanding (MOU) for the 7 Major Social Insurance Council to promote social security and improve the quality of life for the people.

The 7 major social insurances consist of the 3 major public pensions including the Private School Pension, National Pension, and Government Employees Pension, and the 4 major public insurances including Health Insurance, Long-term Care Insurance for the Elderly, Employment Insurance, and Industrial Accident Compensation Insurance. These 7 major social insurances are managed and operated by five institutions: the Private School Pension Service, National Pension Service, Government Employees Pension Service, National Health Insurance Service, and Korea Workers' Compensation and Welfare Service.

At the signing ceremony held on the 12th at the main auditorium of the National Health Insurance Service headquarters in Wonju, Gangwon Province, the 7 Major Social Insurance Council agreed to seek the development direction of the social insurance system to enhance the sustainability of the social security system and increase public trust, and to actively share the information they possess.

After the signing ceremony, researchers from each institution held in-depth discussions on "Future Challenges and Sustainability of Social Insurance." They agreed to jointly explore the development direction of Korea's social insurance system and to establish a continuous forum for discussion.

Chairman Myung-hyun Joo said, "Amid concerns over the increase in school closures due to the decline in the school-age population, an opportunity has been created to seek development in all social security sectors for Private School Pension customers, including medical, unemployment, old-age income security, and disaster compensation," adding, "We will strive to ensure that the MOU produces tangible results that can be felt beyond a simple declaration."

This content was produced with the assistance of AI translation services.