Korea Says Its Pension Fund Will Run Dry by 2056 If No Reform (Bloomberg/24 Sep 2024)

BNN Bloomberg reports that South Korea’s national pension fund is projected to be depleted by 2056 unless urgent reforms are implemented, such as increasing contributions from 9% to 13% of income. The government’s proposal comes amid a rapidly aging population and the world’s lowest birthrate, highlighting the need for swift action to ensure financial stability for future retirees.