Kim Taehyun Appointed as New Chairman of the National Pension Service: "A Secure Retirement for All Citizens"

Union's 'Opposition to Inauguration' Rally Causes Commute Delays on First Day

[Image source=Yonhap News]

[Asia Economy Reporter Kim Young-won] Kim Taehyun, the newly appointed chairman of the National Pension Service (NPS), expressed his commitment to ensuring that all citizens can enjoy a secure retirement and revealed his aspirations for the sustainability of the national pension.

On the 2nd, the National Pension Service announced that Kim Taehyun was inaugurated as the 18th chairman the previous day. In his inaugural speech, Chairman Kim said, "I feel a heavy responsibility as I take on this important role with pension reform imminent," adding, "I will do my utmost for the sustainable future of the National Pension."

To this end, Chairman Kim promised the public four commitments: a trustworthy and sustainable national pension system, stable fund management, reliable retirement security for citizens, and an innovative institution based on integrity and ethical awareness.

Chairman Kim explained, "The sustainability of the national pension system is an urgent task that must be achieved not only for the current generation but also for the next generation, our future," and added, "We will support pension reform through social dialogue to enhance the sustainability of the National Pension and establish a stable retirement income security system."

He also emphasized that the deteriorating operating conditions could become an opportunity and pledged to strive for stable fund management. Chairman Kim stated, "For long-term investors like the National Pension, the recent economic situation can be an opportunity to build a more robust portfolio." He added, "First, we must establish a flexible asset allocation system to respond swiftly during economic transitions," and "At the same time, to cope with complex and diverse investment techniques, we will set up a professional pre-compliance review process and enhance fairness in fund management through independent internal controls by compliance officers."

Furthermore, Chairman Kim said, "I will take the lead to ensure that every Korean citizen can enjoy a secure retirement," and "We will identify vulnerable groups in retirement preparation, such as daily wage workers, incorporate them into the formal system, expand the scope of premium support, and make efforts to eliminate blind spots by lowering the barriers to enrollment." He also pledged to thoroughly review the NPS’s welfare projects, including basic pensions and support programs for persons with disabilities.

He stated, "As a public institution, the National Pension Service must innovate based on higher integrity and ethical awareness while supporting government policies," and added, "Through innovation in five key areas of public institutions, we will create an efficient and strong National Pension Service." To this end, he said he would work to reallocate resources saved through efficiency improvements to core functions and establish a firm promotion system for leading ESG initiatives.

Finally, Chairman Kim said, "To operate the institution fairly and ethically as expected by the public, we will strengthen internal controls with a sense of responsibility at the institutional level," and "In managing the NPS, we will create a vibrant organization focused on capabilities and performance through rational compensation and personnel management that members can empathize with, ensuring a fair opportunity and treatment, and fostering an organizational atmosphere where change and participation are natural."

On the morning of the same day, Chairman Kim’s commute was blocked by the union’s protest against his inauguration at the main gate of the NPS headquarters in Jeonju, Jeonbuk. He said, "I do not intend to force my way in," and added, "Resolving issues amicably through dialogue is also part of efforts to develop the National Pension," before turning back.

Regarding the union’s criticism that it is "difficult to find relevance or expertise in his career," as Kim is from the Ministry of Strategy and Finance, he responded, "They say I am not an expert, and while I do not claim to be an expert, I am not a complete outsider to pensions either."

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