'Free Toll on Ilsan Bridge' Becomes a Key Issue in National Pension Audit

[Asia Economy Reporter Park So-yeon] Kim Yong-jin, the chairman of the National Pension Service (NPS), stated on the 13th regarding the controversy over the "free toll on Ilsan Bridge," "We will negotiate well to ensure that there are no losses."

Chairman Kim made this remark in response to a question from Kim Mi-ae, a member of the People Power Party, during the National Assembly Health and Welfare Committee's audit, who asked, "Is the free toll on Ilsan Bridge clearly a loss to the National Pension, which is the retirement fund for future generations?"

Lee Jae-myung, Governor of Gyeonggi Province, is pushing for the free toll on Ilsan Bridge, the only toll bridge over the Han River. Gyeonggi Province is pursuing a public interest disposition to cancel the designation of the private investor of Ilsan Bridge and to reclaim the operating rights.

This measure raises concerns that the deterioration of profits for the National Pension Service, the major shareholder of Ilsan Bridge, could lead to harm to the public.

Regarding claims that the National Pension is making excessive profits through Ilsan Bridge, Chairman Kim stated, "I believe the National Pension does not engage in activities that warrant such criticism while operating Ilsan Bridge."

Chairman Kim also expressed regret over Gyeonggi Province's decision to announce the push for free tolls, saying, "Wouldn't it have been better if there had been more consultations between Gyeonggi Province and the NPS?"

He added, "Since Gyeonggi Province's announcement of the public interest disposition, several practical consultations have been held."

When Kim Won-i, a member of the Democratic Party of Korea, mentioned that "Gyeonggi Province also says it will provide fair compensation," Chairman Kim responded, "Since a public interest disposition means revoking the business rights, I hope that does not happen," and added, "We will respond in a way that ensures the public does not worry under any circumstances."

When Seo Jeong-sook, a member of the People Power Party, referred to media reports stating, "About 700 billion KRW in profits are expected until 2038, but Gyeonggi Province proposed 200 billion KRW as compensation," Chairman Kim said, "We have never estimated that, nor has Gyeonggi Province officially proposed such an amount."

Chairman Kim argued, "It is also incorrect to say that the construction costs have been recovered," and added, "Some say that recovering profits through senior and subordinated bonds is a breach of trust, but it is a common method."

When Seo Young-seok, a member of the Democratic Party of Korea, asked, "Isn't this an inconvenience issue for Gyeonggi residents rather than a political dispute?" Chairman Kim replied, "Rather than a political dispute, it is an inconvenience felt by local residents in their daily lives, and I believe there can be various efforts to resolve it."

Regarding Seo's point that this is a conflict between the public interest values of Gyeonggi Province and the pension, Chairman Kim said, "I do not see it as a conflict," and added, "Since this is an issue within the overall national system, I believe a smooth solution can be found that does not harm the National Pension's interests."

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