Korea Says Its Pension Fund Will Run Dry by 2056 If No Reform
- Facing rapidly aging population, historically low birthrate
- South Korea’s national pension fund one of world’s largest
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South Korea’s national pension fund, one of the world’s biggest, will run out by 2056 if urgent reforms including boosting contributions aren’t introduced, the government said.
“The fund will reach its peak in 2041, then could be fully drained in 2056 according to our financial estimates,” South Korea’s First Vice Health Minister, Lee Ki-il, told a briefing Wednesday. “If there are no reforms, the drainage would be faster.”