National Pension to run out by 2056?! 😢

The number of people eligible to receive the National Pension is increasing, but the total number of subscribers is actually decreasing. The steadily growing number of workplace subscribers has also turned to a decline, leading to a greater overall decrease in subscribers.

According to the official statistics published by the National Pension Service on the 9th, the total number of National Pension subscribers as of the end of October last year was 21,812,216. Compared to the end of 2023 (22,384,787), it has decreased by over 570,000. If this trend continues, it appears inevitable that the decline in National Pension subscribers will continue for the second consecutive year in 2023. In 2023, the number decreased by approximately 113,000, and the decline is expected to become even larger.

The number of National Pension subscribers has experienced several declines in the past. During the COVID-19 period in 2020, it decreased by about 110,000 compared to the previous year. However, prior to that, the decrease in subscribers was temporary or limited in scale, but starting from 2023, the decline due to low birth rates is becoming more pronounced.

The number of workplace subscribers, which had been steadily increasing, has turned to a decline. Employers and employees at workplaces with at least one worker are classified as 'workplace subscribers.' Although the eligibility criteria changed from at least five salaried workers to at least one, resulting in a decrease in regional subscribers, the number of workplace subscribers continued to increase. Even during the period in 2020 when total subscribers temporarily decreased, the number of workplace subscribers continued to grow.