(Korea Economic Daily, 2013) [Current Issues Pro-and-Con Debate] Should the National Pension's Payment Be Guaranteed by Law?

The Ministry of Strategy and Finance argues that writing a state guarantee of National Pension payments into law would raise concerns about a deterioration in fiscal soundness, since such payments would then have to be recorded as national debt. At present, the Teachers' Pension and the Government Employees Pension are not recognized as liabilities under the ministry's pension accounting rules; but if a state guarantee of National Pension payments were written into law, they would inevitably be counted as national debt. By the government's account, this could erode the country's external credibility and could even generate a headwind against pension system reform.

https://sgsg.hankyung.com/article/2013052461951