Signal National Pension fund projected to be depleted in the mid-2050s under current rules

Summary

The welfare-finance overview cites the 2023 actuarial projection of Korea's National Pension. It projects that the fund will be exhausted between 2055 and 2057 if the current contribution rate and benefit levels are maintained. The survey explains that contribution income is shrinking as the working-age population declines, while pension spending grows rapidly with the number of older people. The same overview adds that older patients already account for about 45 percent of total National Health Insurance medical spending. Together these figures underline growing concern about the long-term sustainability of Korea's social insurance system.