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Countries in Asia/Pacific, Seeking the Korean National Pension System as an Advanced Model!

  • Date : 2019-06-17
  • Hit : 197

Countries in Asia/Pacific, Seeking the Korean National Pension System as an Advanced Model!

- A Gathering of 21 social security policy makers from 13 countries in the Asia-Pacific region -

□ The National Pension Service (NPS; Chairman & CEO Kim Sung Joo) announced that it will co-host “The 6th Annual Training Course on Public Pension in Asia/Pacific” with the OECD Korea Policy Center, the Ministry of Health and Welfare, and UNESCAP*, and noted that the event will be held at the NPS headquarters (Jeonju, North Jeolla) and at the Center for International Affairs (Jung-gu, Seoul) for 6 days, from June 17 to June 22.

* United Nations Economic and Social Commission for Asia and the Pacific

○The Annual Training Course, celebrating the 6th anniversary this year, was initiated in 2014, to meet the demand from countries in the Asia-Pacific region of benchmarking the Korean National Pension System and Scheme.

- Korea’s system is acclaimed in Asia-Pacific region countries on the back of a couple of accomplishments: It has unprecedentedly expanded its nationwide pension coverage in only 11 years after the initiation of the Pension System;

- It has managed its Pension Fund worth of roughly KRW 675 trillion (as of the end-March 2019) in a secure manner, growing the Fund to the world’s third largest Public Pension Fund;

- And it strongly protects the rights of Korean companies and Korean nationals residing overseas as well, through the Social Security Agreement having been concluded with 37 countries – more than any other Asian countries.

□ This year, 21 policymakers and pension experts* from 13 countries are joining the Program, including Nepal, Vietnam and Indonesia - countries which have joined the Program since 2014 - with the aim to reach the expansion and development of the Korean National Pension Scheme.

* Participating Countries (13 countries) : Nepal, Laos, Malaysia, Mongolia, Myanmar, Brunei, Vietnam, Sri Lanka, Uzbekistan, Indonesia, Thailand, Pakistan and the Philippines

○ Notably, Indonesia, Nepal and Vietnam which have taken part in the Training Course for 6 consecutive years have modeled after the operation of Korea’s Pension Scheme and introduced pension reforms and service enhancement to their National Pension systems.

- (Indonesia) The Indonesian Pension Scheme was introduced to workplaces with 10 or more employees in July 2015 and will extend and implement its coverage to all Indonesians by 2029.

- (Nepal) With the amendments to relevant legislations in 2016, the coverage of the Nepalese Pension Scheme will expand gradually, starting from workplaces with 10 or more employees.

- (Vietnam) Vietnam has operated National Pension Call Centers since 2017(when those Call Centers were established), and after deciding to sign a Social Security Agreement with Korea for the first time in its history, it has gone through relevant process.

□ Chairman&CEO Sung-Joo Kim of the NPS said “the NPS has a remarkable experience in expanding and rooting in the nationwide Pension Service in only 11 years - the shortest in the world.”

○ The Chairman&CEO went on to say that NPS’s know-how in operating National Pension System is expected to contribute greatly to countries in the Asia-Pacific region that are seeking the establishment of the Pension schemes.

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