The 1st Meeting of the 5th National Pension Financial Calculation Committee... Discussion on System Improvement

[Asia Economy Reporter Byeon Seon-jin] The Ministry of Health and Welfare announced on the 28th that it held the first meeting of the '5th National Pension Financial Calculation Committee.'

The Ministry of Health and Welfare has fully established a financial calculation discussion system to prepare the 5th comprehensive operation plan for the National Pension. The Financial Calculation Committee discusses system improvements, while the Long-term Financial Projection Expert Committee under it estimates long-term finances, and the Fund Management Development Expert Committee discusses improvements to the fund management system.

The Financial Calculation Committee consists of a total of 15 members, including experts recommended by subscriber organizations and expert groups, as well as government members. The committee discusses system improvements based on the results of discussions from each expert committee to establish the 5th comprehensive operation plan for the National Pension.

At the first meeting, the focus was on the operation schedule and scope of discussion. Going forward, the committee plans to specify discussion topics such as financial stabilization, old-age income security measures, and restructuring plans for the National Pension and Basic Pension.

The Long-term Financial Projection Expert Committee, which has been operating since August this year, reviewed demographic and macroeconomic variables and financial projection models through 11 meetings and plans to complete the long-term financial outlook promptly. The Fund Management Development Expert Committee, launched on the 4th, is also conducting discussions on fund management investment strategies, improvements to the fund management system, and the establishment of long-term management strategies.

Lee Se-ran, Director of the Pension Policy Bureau at the Ministry of Health and Welfare, stated, "The three committees operating simultaneously will share progress and ensure close coordination in discussions," adding, "During the process of discussing system improvement measures, we will broadly collect opinions from experts across various fields and the public, and communicate closely with the National Assembly to derive reform measures that consider social acceptability."