Parliamentary Speaker Chung Visits National Pension Service
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Parliamentary Speaker Chung Visits National Pension Service
Parliamentarian urges NPS to serve needs of the people, improve its system by reform and be sustainable pension service as the pension fund celebrates 30th anniversary this year

29(Mon), Jan, 2018

Chairman Kim Sung-joo of NPS delivers his new year's address as NPS celebrates its 30th anniversary this year.(Photos:NPS)

Speaker Chung Sye-kyun of the National Assembly, R, shakes hands with Chairman Kim Sung-joo of the National Pension Service during his visit to NPS on Jan. 5.

Chairman Kim Sung-joo of National Pension Service (NPS) said on Jan. 5 that Speaker Chung Sye-kyun of the National Assembly paid a visit to the pension service to learn how the NPS is being run this year, which is the 30th year since it was founded. It was the first visit ever by the speaker of the National Assembly to the pension fund.

He met with a number of key NPS executives led by Chairman Kim and discussed the operation of the pension fund as it celebrates the 30th year of its founding. 

The speaker planted a tree in celebration of his visit in the garden attached to the NPS compound in Seoul. Chung said the NPS should be at the center of the mission to improve the earnings of senior citizens, long isolated economically, through any necessary measures. “I hope you will improve the NPS so it works for them. Reform must be undertaken following sincere discussions on its social service roles,” the speaker told the key executives during his visit 

Chung also received reports on the results of the pension fund’s operation in the past three decades since its founding in 1987 and future plans. The NPS, in the meantime, asked for the speaker’s help in getting parliamentary approval for its plan to set up a college to train people for the pension service and improve the remunerations for its employees.

Chairman Kim Sung-joo appreciated the speaker’s visit and said the NPS will make continuous  efforts to be run for the good of the people, to be a truly sustainable pension service pension for the future, as urged by the speaker. He also asked for the speaker’s help in making the NPS a sustainable pension system, which can only happen with parliamentary approval for various bills to ensure the sustainability of the system.

The National Pension Service is a pension plan sponsor. The firm provides contingency pension benefits for old-age, disability or death of a primary income earner, with a view to contributing to the livelihood of stabilizing the promotion of the welfare of South Korea. It also provides retirement planning and welfare service for the disabled. 

The firm is responsible for administering insured people’s personal records, collecting pension contributions, paying benefits, managing the national pension fund, and implementing welfare business for insured persons and beneficiaries. It invests in the public equity, fixed income, and alternative investment markets across the globe. 

Speaker Chung Sye-kyun visited Japan June 7 last year to discuss pending issues and strengthen parliamentary cooperation between the two countries, his office said recently. During a three-day visit in Tokyo, he called on Prime Minister Shinzo Abe and parliament leaders. 

Chung explained the Moon Jae-in administration's policy toward Japan and stressed the importance of the two countries' partnership for regional peace. He also took time to elaborate on the new government's North Korea policy. 

During meetings with his counterparts, Chung urged Japan's participation in a proposed parliamentary dialogue of six countries which were involved in the now-defunct multilateral talks to denuclearize North Korea, according to his office.

The six-term lawmaker also discussed ways to promote parliamentary exchanges between the two countries.

Chung entered the National Assembly in the 1996 parliamentary election as a member of the main liberal opposition National Congress for New Politics, representing his home county of Jinan, North Jeolla, in the Jinan, Muju, Jangsu constituency. 

President Roh Moo-hyun appointed Chung the Minister of Trade, Industry and Energy at the start of 2006. 

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