You can help expand this article with text translated from the corresponding article in Korean. (February 2024) Click [show] for important translation instructions.
Machine translation, like DeepL or Google Translate, is a useful starting point for translations, but translators must revise errors as necessary and confirm that the translation is accurate, rather than simply copy-pasting machine-translated text into the English Wikipedia.
Do not translate text that appears unreliable or low-quality. If possible, verify the text with references provided in the foreign-language article.
You must provide copyright attribution in the edit summary accompanying your translation by providing an interlanguage link to the source of your translation. A model attribution edit summary is Content in this edit is translated from the existing Korean Wikipedia article at [[:ko:국민연금공단]]; see its history for attribution.
You may also add the template {{Translated|ko|국민연금공단}} to the talk page.
The National Pension Service (NPS; Korean: 국민연금공단; Hanja: 國民年金公團; RR: Gukminyeongeumgongdan) is a public pension fund in South Korea. It is the third largest in the world[1] with over $800 billion in assets, and is the largest investor in South Korea.[2]
It is looking to buy a portfolio of blue-chip stocks from emerging markets.[3][4]
On January 30, 2017, NPS opened up an office in New York City's One Vanderbilt.[5]
The NPS is currently[when?] in annual surplus, recent surpluses have been between 1% and 5% of GDP.[6]
December, 1986 – Promulgated the Nation Pension Act
September, 1987 – Established the National Pension Corporation
January, 1988 – Implemented the national pension system (Limited to workplaces with 10 or more full-time employees)
January, 1992 – Compulsory coverage included workplaces with five or more full-time employees
January, 1993 – Commenced Special Old-age Pension benefit payment
April, 1995 – Established the National Pension Research Institute
July, 1995 – Compulsory coverage was extended to farmers and fishermen in rural areas
August, 1995 – Compulsory coverage was extended to workplace-based foreigners
April, 1999 – Compulsory coverage expanded to majority population in Korea (compulsory coverage in urban areas)
November, 1999 – Launched the National Pension Fund Management Center
July, 2003~2006 – Gradually expanded compulsory coverage to corporations and workplaces with less than five full-time employees
July, 2007 – Renamed as the "National Pension Service"[7]
May, 2009 – Commenced the Retirement Planning Service
May, 2009 – Launched NPS International Service Center
January, 2011 – Established NPS International Center (Integrated the former International Cooperation Department and the NPS International Service Center)
January, 2011 – Consigned the affairs in relation to collection of contribution to the National Health Insurance Service (NHIS)
April, 2011 – Implemented a system for assessment and registration of the disabled (all levels), in accordance with the Welfare of Disabled Persons Act
October, 2011 – Commenced support programs for the disabled
December, 2012 – Determined the scope of income of an insured under the National Basic Living Security Act
July, 2014 – Support for the Basic Pension operation
January, 2015 – NPS headquarters relocation to Jeonju
December, 2015 – Implementation of Retirement Planning Service
February, 2017 – NPSIM(National Pension Service Investment Management) relocation to Jeonju
Solvency
The scheme is currently in annual surplus. According to projections published 27 January 2023 by the NPS, at the current contribution rates and replacement rate, surpluses are projected to remain until 2041, and the fund to remain solvent until 2055. Due to demographic changes projected to continue, in order for the scheme to remain solvent in the long term it is suggested that, in the next few years, there be an adjustment to the contribution rate somewhere between 1 and 2%.[8]
