April 17, 2024
Economy
Gov’t to assess financial health of public insurance schemes
[THE INVESTOR] South Korea will carry out an integrated assessment of mid- and long-term financial health of eight public insurances schemes, the Finance Ministry said on March 24.
According to government data, eight public insurances, including the National Health Insurance Service, will see their total expenditure reach 220 trillion won (US$195.90 billion) in 2025, up from 106.2 trillion won tallied in 2016.
The National Pension Service’s payments will also more than double to 44 trillion won from 18 trillion won over the 10-year period as the baby boom generation, who was born between 1955 to 1963, enters a group of pensioners.
At the same time, the National Health Insurance will likely run into the red in 2016 and the Employment Insurance is also forecast to suffer a deficit from 2020.
The ministry said the integrated assessment of their financial estimates for the next 70 years will start next year on a comparable basis.
By Alex Lee and newswires (alexlee@heraldcorp.com)
According to government data, eight public insurances, including the National Health Insurance Service, will see their total expenditure reach 220 trillion won (US$195.90 billion) in 2025, up from 106.2 trillion won tallied in 2016.
The National Pension Service’s payments will also more than double to 44 trillion won from 18 trillion won over the 10-year period as the baby boom generation, who was born between 1955 to 1963, enters a group of pensioners.
At the same time, the National Health Insurance will likely run into the red in 2016 and the Employment Insurance is also forecast to suffer a deficit from 2020.
The ministry said the integrated assessment of their financial estimates for the next 70 years will start next year on a comparable basis.
By Alex Lee and newswires (alexlee@heraldcorp.com)
