An analysis showed that changes in marriage, birth, and death indexes following 2020, when the COVID-19 situation was intertwined, had an impact on the national pension finances.
According to the National Pension Research Institute’s analysis of pension issues and trends today (14th), research fellow Seunghee Shin in the report ‘Changes in demographic and economic conditions following COVID-19 and the impact on the long-term finances of the National Pension Service’, He pointed out that the increase in deaths had an impact on the decrease in the number of National Pension subscribers and changes in the investment income of the National Pension Service.
The number of marriages was 214,000 in 2020, a decrease of 10.7% compared to 2019. In 2021, it was 193,000 (provisional), 9.8% less than in 2020.
The number of births in 2020 was 272,000, a decrease of 10.0% from 2019 (303,000), and in 2021, 261,000 (provisional), a 4.3% decrease from the previous year.
On the other hand, deaths increased to 295,000 in 2019, 305,000 in 2020 and 318,000 in 2021. With the recent rapid increase in the elderly population, the number of deaths continues to increase.
The report analyzed that COVID-19 had a direct and indirect impact on the national pension finances.
The number of national pension subscribers decreased from 22.22 million in 2019 to 22.11 million in 2020. In particular, the number of regional subscribers has significantly decreased from 7.23 million in 2019 to 6.9 million in 2020 and 6.83 million in 2021.
The proportion of those who are exempt from paying pension insurance premiums (those who do not pay pension insurance premiums due to business interruption, unemployment or leave, etc. among those obligated to pay pension insurance premiums), which had been continuously decreasing before COVID-19, also increased from 45.3% in 2019 to 44.9% in 2020 and 49.2% in 2021. I turned around.
The volatility of investment returns for the National Pension Service also increased. The fund management yield recovered from 9.7% in 2020 to 10.8% in 2021, but deteriorated to -2.7% in early 2022.
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