National Pension Service

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This article is about South Korea's NPS. For other nations, see pension system. For other uses, see National pension.
National Pension Service
Native name
국민연금공단
國民年金公團
Gukminyeongeumgongdan
TypeGovernment-linked company
Pension fund
(Sovereign wealth fund)
IndustryInvestment management
Founded1988
HeadquartersDeokjin District, Jeonju, South Korea
Key people
, chairman and chief executive officer
OwnerGovernment of South Korea
ParentMinistry of Health and Welfare
Websitewww.nps.or.kr

The National Pension Service of Korea (NPS; Korean: 국민연금공단; Hanja: 國民年金公團; RR: Gukminyeongeumgongdan) is a public pension fund in South Korea. It is the third largest in the world[1] with $600 billion in assets, and is the largest investor in South Korea.[2]

South Korea's National Pension Service (NPS), which oversees $580 billion in assets, is looking to buy a portfolio of blue-chip stocks from emerging markets.

On January 30, 2017, NPS opened up an office in New York City's One Vanderbilt.[3]

Timeline[]

  • December, 1986 – Promulgated the Nation Pension Act
  • September, 1987 – Established the National Pension Corporation
  • January, 1988 – Implemented the national pension system (Limited to workplaces with 10 or more full-time employees)
  • January, 1992 – Compulsory coverage included workplaces with five or more full-time employees
  • January, 1993 – Commenced Special Old-age Pension benefit payment
  • April, 1995 – Established the National Pension Research Institute
  • July, 1995 – Compulsory coverage was extended to farmers and fishermen in rural areas
  • August, 1995 – Compulsory coverage was extended to workplace-based foreigners
  • April, 1999 – Compulsory coverage expanded to majority population in Korea (compulsory coverage in urban areas)
  • November, 1999 – Launched the National Pension Fund Management Center
  • July, 2003~2006 – Gradually expanded compulsory coverage to corporations and workplaces with less than five full-time employees
  • July, 2007 – Renamed as the "National Pension Service"[4]
  • May, 2009 – Commenced the Retirement Planning Service
  • May, 2009 – Launched NPS International Service Center
  • January, 2011 – Established NPS International Center (Integrated the former International Cooperation Department and the NPS International Service Center)
  • January, 2011 – Consigned the affairs in relation to collection of contribution to the National Health Insurance Service (NHIS)
  • April, 2011 – Implemented a system for assessment and registration of the disabled (all levels), in accordance with the Welfare of Disabled Persons Act
  • October, 2011 – Commenced support programs for the disabled
  • December, 2012 – Determined the scope of income of an insured under the National Basic Living Security Act
  • July, 2014 – Support for the Basic Pension operation
  • January, 2015 – NPS headquarters relocation to Jeonju
  • December, 2015 – Implementation of Retirement Planning Service
  • February, 2017 – NPSIM[clarification needed] relocation to Jeonju

Notes[]

  1. ^ "Korean fund buys stake in Colonial Pipeline". FT. August 23, 2010.
  2. ^ "Korean National Pension Fund Returns 6.81%". ai-cio.com. July 15, 2019.
  3. ^ Murray, Barbara (30 January 2017). "SL Green Partners Up on $3B NYC Office Project".
  4. ^ "기록물 생산기관 변천정보 > 기관연혁 상세정보". theme.archives.go.kr (in Korean). Retrieved 2018-04-16.

External links[]

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