(Policy Seminar Jointly Hosted by the Pension Future Forum and Economic Democracy 21, January 14, 2024) Rapidly Increasing National Liabilities and Their Diagnosis (Posted January 19, 2026)

The materials from the policy seminar held on January 18, 2024,

in the seminar room of the National Assembly Members' Office Building

are hereby posted

in the Statements and Commentary category.

Even though, at the time the 2024 seminar was held,

the broad estimate of national liabilities

was this severe,

and even though, in particular,

the accrued pension liability of the Government Employees Pension

and the unfunded pension liability of the Private School Teachers Pension

had reached a stage that is difficult to contain,

the voices of our society claiming that the special occupational

pension schemes,

such as the Government Employees Pension, must be reformed

are not being heard.

Despite our

situation being this severe,

disclosure of the Government Employees Pension financial projection

report is being refused,

and the Private School Teachers Pension

is also refusing to disclose its unfunded liability.

(The unfunded liability of the Private School Teachers Pension submitted to the advisory

committee of the 21st National Assembly Special Committee on

Pension Reform was at the level of 195 trillion won.

Per Private School Teachers Pension contributor,

the debt exceeded 500 million won.

Nevertheless, it refused to submit data

to the advisory committee of the 22nd National Assembly Special Committee on Pension Reform.)

At the time the seminar was held in January 2024,

the accrued pension liability of the Government Employees Pension (as of 2021)

was at the level of 904.5 trillion won,

and of the accrued liability per civil servant,

amounting to 23.5 million won,

more than half was being shifted

as a burden to future generations.

According to figures released not by the government

but by the National Assembly Budget Office, the accrued pension liability

of the Government Employees Pension as of the end of 2025

reaches

1,076.4 trillion won.

(According to the National Assembly Budget Office,

as of the end of 2025,

the accrued pension liability

of the Government Employees Pension is 1,076.4 trillion won

and that of the Military Pension is 268.1 trillion won,

totaling 1,344.4 trillion won).

Over the past four years,

the accrued pension liability of the Government Employees Pension

increased by 171

trillion won, or 42.75 trillion won per year.

Interest rate hikes raised the discount rate,

slowing the growth of the Government Employees Pension's accrued liability,

and yet, even under those slowed conditions, the increase

has reached this level.

Despite our situation being such,

there is an overflow of explanatory reports and columns

claiming that there is no need to worry about

the accrued pension liability of the Government Employees Pension.

What is particularly hard to understand

is that access to the annual

"Government Employees Pension Fund Settlement Report,"

which until now was available

through the website of

the Government Employees Pension Service,

has been blocked!

Even in a situation of excess tax revenue resulting

from the semiconductor super cycle,

the absolute figure of national

liabilities is increasing further.

This cannot be viewed as normal national administration.

Instead of "creating funds

that may in the end drain away who knows where,

that is, may leak away bit by bit who knows where,

under the label of a response to the future,"

the government must, as its top priority,

pay down the debts of

government and public institutions,

whose absolute

figures are rapidly increasing.

Doing so would be

a true

and

proper

countermeasure for the future.