The Reality of Korea's National Pension as Seen Through a Comparison of the Cost Rate and Income Rate of the U.S. Social Security System (OASDI) in 2023

The Cost Rate (Cost rate) and Income Rate (Income rate) of the U.S. Social Security System

Korea's National Pension must likewise present, in graphical form, projections for all years over the coming 70 years (through 2093). Yet projections beyond the point of fund depletion have not been properly disclosed. Even when Yoon Seok-myung, a leader of the Pension Future Forum, raised this demand at the Financial Estimation Committee—which convenes every five years—disclosure was refused! This was also a matter of considerable contention raised by Yoon Seok-myung at the 5th Financial Estimation Committee in 2023.

U.S. OASDI contribution rate: 12.4%

As of end-2023, the reserve fund of OASI (the old-age pension excluding disability pension) stood at 2,641.5 billion dollars—equivalent to approximately 3,698 trillion won (at an exchange rate of 1,400 won per dollar). However, given that fund depletion is projected by 2033, the urgency of pension reform has become a contentious issue even in the United States.

The link below connects to the most recent data: the 2025 Annual Report Highlights.

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