Kim Taehyun Appointed New Chairman of National Pension Service... Accelerating Pension Reform

[Image source=Yonhap News]

[Asia Economy Reporter Kim Young-won] Kim Tae-hyun, former president of the Korea Deposit Insurance Corporation (photo), has been appointed as the new chairman of the National Pension Service (NPS). The chairman position, vacant for four months, has now been filled, and it is expected that the government’s national agenda of pension reform will gain momentum.

Chairman Kim is scheduled to officially begin his duties starting with an inauguration ceremony on the 2nd. The chairman of the NPS represents the corporation and oversees its operations, serving a term of three years. Kim’s term runs from today until August 31, 2025.

With Kim’s appointment, another official from the Ministry of Economy and Finance will consecutively lead the NPS, following former chairman Kim Yong-jin. The former chairman resigned in April with one year and four months remaining in his term. After being vacant for about four months, the chairman position is now filled by Kim, which is expected to invigorate discussions on pension reform. Earlier, on the 10th of last month, the government conducted the 5th National Pension financial calculation, and a special committee on pension reform was established in the National Assembly.

Born in 1966, Kim graduated from Daea High School in Gyeongnam and Seoul National University with a degree in Business Administration. He entered public service by passing the 35th Administrative Examination. Starting in 1994 at the Ministry of Finance and Economy (now the Ministry of Economy and Finance), he worked at the Ministry of Foreign Affairs and Trade and the Financial Services Commission from 2004. He has held various positions including Senior Administrative Officer at the Presidential Office’s Economic Secretary, Director of Financial Policy Bureau, Director of Financial Services Bureau, and Director of Capital Market Bureau at the Financial Services Commission. In October last year, he was appointed president of the Korea Deposit Insurance Corporation.

The Ministry of Health and Welfare stated, "Based on the new chairman’s practical experience with pension systems, personal and retirement pensions, expertise in finance and capital markets, and experience managing the Korea Deposit Insurance Corporation, we expect him to demonstrate the capabilities and leadership necessary for future pension reform and public institution innovation."

Meanwhile, the NPS labor union held a rally opposing Kim’s appointment at 9 a.m. in front of the NPS headquarters on the same day. In a statement, the union criticized, "With the Minister of Health and Welfare position vacant, an unprecedentedly rapid and hasty appointment was forced through," and questioned, "As important institutional reform discussions begin, should we force the appointment of a ‘Mofia’ (a term referring to former Ministry of Economy and Finance officials) chairman whose career lacks relevance and expertise?"

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