The national pension fund could run out two years earlier than previously projected, the National Assembly Budget Office’s analysis showed on Sept. 27.
In its analysis of the country’s long-term finances, the National Assembly Budget Office estimated that the national pension fund may be depleted by 2058.
The report projected that the fund will begin to fall after 2030, begin posting negative growth from 2042 and run out in 2058.
The government had earlier estimated that the fund will run out in 2060. According to projections drawn up in 2013, the national pension fund would peak at 2.56 quadrillion won (US$2.30 trillion) in 2043 and run out in 2060.
By Choi He-suk (firstname.lastname@example.org