Ministry of Health and Welfare Launches National Pension Financial Calculation... First Expert Committee Meeting Held

Professor Park Young-seok of Sogang University Appointed as Committee Chair

[Image source=Yonhap News]

[Asia Economy Reporter Eunmo Koo] The Ministry of Health and Welfare announced on the 4th that the 5th Fund Management Development Committee for the National Pension Fund Actuarial Valuation has been formed and held its first meeting on the same day.

The committee consists of 11 members, including experts recommended by subscriber groups (workers, employers, regional subscribers), expert organizations, and government officials, with Professor Youngseok Park of Sogang University appointed as the chairperson.

The committee will operate until a comprehensive National Pension Fund operation plan is established and will be responsible for discussing the fund's role in enhancing the sustainability of the National Pension, setting fund management goals, and determining the desirable direction for fund management.

At the first meeting, basic operational directions such as the schedule and review of necessary discussion topics were discussed. The Ministry of Health and Welfare explained that future reviews will include fund management investment strategies, improvements to the fund management system, and the establishment of long-term management strategies.

The government conducts actuarial valuations every five years to assess the financial status of the National Pension and to develop system improvement measures. The 5th actuarial valuation is scheduled to be completed by March next year, based on which the government plans to prepare a National Pension reform proposal.

Under the Actuarial Valuation Committee, the Actuarial Projection Subcommittee and the Fund Management Development Subcommittee operate together. The Actuarial Projection Subcommittee was formed last August and has held eight meetings to date.

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