"Do Not Use the National Pension to Defend the Exchange Rate — the Pension Fund Is Not a Petty Cash Box": Experts Speak Out

The Pension Future Forum convened its 9th Seminar in the afternoon of December 3 near Jung-gu, Seoul, issuing an emergency statement declaring that "the National Pension Fund must not be squandered as petty cash for exchange-rate intervention."

The Forum further stated: "The root cause of the current sharp rise in the exchange rate is largely attributable to a decline in relative value driven by an excessively large money supply. An internal disorder has produced the external symptom of a currency plunge — yet the notion of attempting to treat it by applying the National Pension Fund as an ointment must be abandoned immediately."

The Pension Future Forum questioned: "The National Pension Fund Management Committee — duly established under the National Pension Act with the Minister of Health and Welfare as its chair — already exists. Why, then, is a consultative body now being created to deliberate on the direction of fund management? Is the intention not to squander the National Pension, the retirement fund of the entire nation, as one sees fit?"

The Forum particularly emphasized: "If the government or the state regards the National Pension Fund — which constitutes the retirement income and the individual property rights of every citizen — as petty cash to be spent at will, it will face fierce resistance from the youth of the Republic of Korea, future generations, and the people at large."

https://n.news.naver.com/article/009/0005600257?sid=102