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S. Korea: National Pension Fund Exceeds W300 Trillion |
| Source: |
chosun.com |
| Source Date: |
Wednesday, July 28, 2010 |
| Focus: |
ICT for MDGs
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| Country: |
Korea (Republic of) |
| Created: |
Aug 01, 2010 |
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The national pension fund has grown to W300 trillion (US$1=W1,183). The National Pension Service on Tuesday said its assets amounted to W300.32 trillion as of July 23, up W22.68 billion from late last year.
The fund, which was set up in January 1988, crossed the W100 trillion mark 15 years later in May 2003 and W200 trillion in April 2007.
The NPS had expected the fund to reach the new benchmark around September or October but achieved it three months early.
The total amount of pension premiums paid by subscribers is W232.8 trillion. The NPS made profits of W123.3 trillion from investments, W55 trillion of which has already been paid out to subscribers. Its accumulated profit rate is 6.61 percent.
Since 1988, the fund has grown more than 30 percent a year on average and is expected to reach W500 trillion by 2015 and W2,400 trillion by 2040. The NPS expects it to peak at W2,465 trillion around 2043.
The NPS ranks fourth in the world in terms of total assets after Japan's Government Pension Investment Fund, Norway's Government Pension Fund Global, and ABP, the national pension fund of the Netherlands.
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S. Korea: National Pension Fund Exceeds W300 Trillion The national pension fund has grown to W300 trillion US$1=W1,183 The National Pension Service on Tuesday said its assets amounted to W300.32 trillion as of July 23 up W22.68 billion from late last year
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