(2004 Article) Kim Geun-tae: "The National Pension Is Not Money to Be Used Arbitrarily"

"Even if the sky were to split in two, I would protect the National Pension."

Kim Geun-tae, Minister of Health and Welfare, has firmly staked out his position against discussions regarding the deployment of the National Pension into a Korean-style New Deal policy, sending ripples through the relevant circles.

On the 19th, through the Ministry's official website (www.mohw.go.kr), Minister Kim stated, "The economy must certainly improve, but I will firmly safeguard the stability of the National Pension," and made his opposition clear regarding the proposal—then under discussion between Cheong Wa Dae and the economic ministries—to channel the National Pension into a Korean-style New Deal policy.

The National Pension fund accumulated to date amounts to 128 trillion won (projected to reach 165 trillion won next year). Nevertheless, contributors have been unable to shed their anxiety over the management of the pension fund. In fact, it has been the case that the government, each time economic conditions deteriorated, repeatedly invoked the mobilization of National Pension funds under the pretext of stimulating the economy.

Even when the stock market performed poorly, the economic ministries would play the National Pension card, an approach that resulted in significant losses on past occasions.

https://www.seoul.co.kr/news/politics/2004/11/20/20041120002002