Recently, there was a petition posted on the Blue House website to abolish the national pension, drawing the support of many people. The reason for this petition to arise is that ‘The National Pension Scheme’ was scheduled to be released on July 17 and that it would raise the age of national pension payments from 65 to 69. The public revolted against the news. If the reform plan is finalized, people's pension monthly payments will increase, and they will receive less money than before and at a later date than before.
  First of all, we need to understand fully the national pension fund and think about how important it is. The national pension is a state-run social security system that is administered for the entire nation to help maintain the basic necessities of life for the infirmed or elderly. It is funded by deducting small insurance fees from incomes, and it then provides monthly stipends when income activities are stopped due to aging or sudden accidents. In Korea, it is legally mandatory to join the national pension. That's why people are raising their voices as they see signs of critical influences on their livelihoods.
  The nation also uses part of its people’s incomes to make a profit. The average return on the national pension fund for the last five years was 5.18 percent, which means the fund would run dry in about 2057. According to a study by a U.S. pension agency, an annual return rate of 7.5 percent is required for continuity of funds. However, the government's move to announce the reform plan without properly informing the public of the measures to improve the profit rate seems to be nothing more than a deception against the public. If the National Pension Service goes ahead with the aforementioned reform plan, the younger generation will have to support a growing number of elderly people, and the fees they will have paid by then will not be properly refunded.
  When I heard about the possible changes to the pension, I thought the biggest problem was that some politicians might try to use it as a political tool for their own interests. Perhaps some of them are trying to undermine the current government or benefit themselves by taking over their own retirement. The president, Moon Jae-in, said that a reformation of the national pension without a social consensus or agreement among the people is not going to happen. He thinks politicians, who need to communicate with the people and unite to improve the nation, are still seeking their own interests and not mature enough. In addition, the head of the fund management position has been vacant for a year. It is a fact that the fund is not being managed properly. With the fund reaching as much as 635 trillion won, the return rate for the first half of this year is only 0.49%. I think the nation should focus on increasing its profitability to solve these problems.
  A national problem is the people's problem. I hope that the politicians who are responsible for the people will care not only about the national pension but also other social issues, instead of pursuing their own interests first. Also, the majority of the public should oppose the idea; the politicians should understand exactly what the problem is and solidify their position.