Low Birth Rate Committee, National Pension Service discuss strengthening retirement income security

The Presidential Committee on Ageing Society and Population Policy and the National Pension Service held a meeting Thursday to discuss responses to an aging society and the future direction of pension reform.

The committee said Deputy Chair Kim Jin-o visited NPS President Kim Sung-ju at the service's headquarters in Jeonju, North Jeolla Province, on Thursday.

The meeting came as the committee prepares a pan-government comprehensive plan covering work-life balance, care and residential policy from a population strategy perspective. The two sides exchanged views on key policy issues, including securing adequate benefit levels for the basic pension and national pension ahead of a super-aged society.

"The national pension is the most fundamental public pension system for citizens," Deputy Chair Kim said. "We ask the service to continue working steadily on stable fund management and system improvements so that all citizens — without exception — can enjoy a comfortable and secure retirement."

NPS President Kim said last year's pension reform had strengthened the long-term sustainability of the national pension, and that this year the service is piloting a public dementia trust program to address dementia — a challenge the country will face in a super-aged society. "Going forward, the National Pension Service will communicate and cooperate closely with the committee to build a pension that all citizens can benefit from, and proactively respond to shifts in the population structure," he added.

An amended Framework Act on Low Birth Rate and Aging Society passed the National Assembly plenary session on May 7, and a new Population Strategy Committee is set to launch. The two organizations said they plan to deepen policy cooperation to overcome the low birth rate and aging crisis — including strengthening retirement income security and expanding support services to help citizens prepare for old age.