South Korea Archives - Page 8 of 12 - Pension Policy International

18AprApril 18, 2023

One in five Korean workers are over 60: Statistics

One out of five Korean workers are over 60 years old, in an aging society with plunging birth rates. The number of elderly still working and the on-year increase in the number of elderly working both reached all-time highs last year. The number of people over 60 who were working last year stood at 5.86 million, hitting the highest figure since data compilation began in 1963, according to Statistics Korea and the Ministry of SMEs and Startups on Monday. The number was...

April 18, 2023

NewsAging, Labor Market, South Korea

13AprApril 13, 2023

Bank of Korea, pension service seal $35 billion FX swap deal to help ease pressure on won

South Korea's central bank on Thursday agreed a deal with the National Pension Service that allows the latter to secure up to $35 billion in funds outside the standard foreign exchange market, a move offering support to the beleaguered Korean won. The move comes in the wake of the won weakening more than 8 per cent versus the dollar in just two months, hit by a ballooning trade deficit and a fresh wave of risk aversion in global markets. The won...

April 13, 2023

NewsPension Management, Polirical Economy, South Korea

24MarMarch 24, 2023

S. Korea’s pension fund posts 8.2% investment loss for 2022

South Korea's National Pension Fund reported a -8.2% investment return for 2022 and a 6.1% drop in assets to 890.5 trillion won ($706.4 billion). Domestic equity in the portfolio accounted for the biggest loss at -22.8%, followed by overseas equity at -12.3%, according to a statement by the Jeonju-based pension fund on March 2. "Domestic and overseas equity portfolios experienced a sharp drop in value due to ongoing market volatility at home and abroad triggered by the prolonged war in Ukraine...

March 24, 2023

NewsInvestment, Returns, South Korea

08MarMarch 8, 2023

South Korea pension fund to consider climate change in management work

South Korea's national pension fund will consider climate change as part of its stewardship activities going forward, the welfare ministry said on Tuesday. A panel that oversees the National Pension Service's (NPS) fund management policies decided to add climate change, along with industrial accidents, to its list of focus areas for responsible investment activities, the ministry said in a statement. Until now, the world's third-largest public pension fund engaged with companies focusing primarily on matters related to corporate governance, such as...

March 8, 2023

NewsESG, South Korea

06MarMarch 6, 2023

S.Korea pension fund ready to revive FX swap with cenbank

South Korea's National Pension Service (NPS), manager of the world's third-largest public pension fund, will collaborate with foreign exchange authorities when needed to help stabilise the market, its chairman told Reuters. Chairman Kim Tae-hyun also said during an interview on Friday with Reuters that re-establishing a currency swap arrangement with South Korea's central bank which expired at the end of last year could be part of such collaboration. NPS has nearly $700 billion under its management and needs to buy dollars...

March 6, 2023

NewsInvestment, Political economy, South Korea

14FebFebruary 14, 2023

South Korea. Busan turns to attracting crypto to tackle its ageing population

A catastrophic period for cryptocurrency is not stopping South Korea’s second-largest city from betting that digital money will solve a major problem: having one of the greyest populations in one of the world’s fastest-ageing nations. Busan, a port on the south-eastern coast of the Korean peninsula, is seeking to become a global cryptocurrency hub because its planners believe that embracing virtual tokens will bring more young people to its streets. It is setting up a publicly run exchange for digital...

February 14, 2023

NewsAging, Cryptocurrency, South Korea

27JanJanuary 27, 2023

South Korea pension fund will deplete faster than expected, report says

South Korea's huge national pension fund is set to see its pool of money depleted by 2055, earlier than expected, because of a shrinking population amid low economic growth, an official estimate showed on Friday. A government panel commissioned for the estimate, made every five years, said in a report that the National Pension Service (NPS) would see its fund depleted two years earlier than 2018 estimate predicted. The NPS had 915 trillion won ($743.13 billion) of funds as of the...

January 27, 2023

NewsAging, Funding, South Korea

16JanJanuary 16, 2023

South Korea:Govt to reform national health insurance and pension schemes

The government will begin earnest discussions to boost the sustainability of the national health insurance system and plans to unveil reform measures by September. The Health Ministry has drawn up a plan to devise preliminary measures this month to improve the overall fiscal sustainability of health insurance coverage, according to a report by KBS World. The measures are expected to include some of those mentioned in a public hearing last year aimed at removing fiscal loopholes, such as stronger monitoring of...

January 16, 2023

NewsHealth Care, South Korea

05JanJanuary 5, 2023

Korea to take drastic measures to tackle population decline

The government will take drastic measures to tackle Korea's demographic crisis of its falling birthrate and rapidly aging society, said Na Kyung-won, head of the presidential committee on Aging Society and Population Policy, who floated the idea of writing off loans for married couples who give birth to children. "Now is the absolute last chance to take action on the imminent demographic crisis. Responding and adapting to the demographic change is a matter of the nation's survival and sustainability," Na,...

January 5, 2023

NewsAging, Labor Market, South Korea

28DecDecember 28, 2022

South Korea. Population Declines for 36th Month due to Low Births

The country's population declined for three consecutive years due to a combination of plunging birth rate, society’s accelerated aging and the COVID-19 pandemic. According to data from Statistics Korea on Wednesday, there were 20-thousand-658 newborns in October, down zero-point-four percent from a year earlier. The on-year gain was the lowest for October since the agency began compiling related data in 1981. The tally for newborns has seen an on-year decline for 83 straight months since December 2015. The number of deaths in...

December 28, 2022

NewsAging, Labor Market, South Korea

April 2023

One in five Korean workers are over 60: Statistics

Bank of Korea, pension service seal $35 billion FX swap deal to help ease pressure on won

March 2023

S. Korea’s pension fund posts 8.2% investment loss for 2022

South Korea pension fund to consider climate change in management work

S.Korea pension fund ready to revive FX swap with cenbank

February 2023

South Korea. Busan turns to attracting crypto to tackle its ageing population

January 2023

South Korea pension fund will deplete faster than expected, report says

South Korea:Govt to reform national health insurance and pension schemes

Korea to take drastic measures to tackle population decline

December 2022

South Korea. Population Declines for 36th Month due to Low Births