On January 27th, the Ministry of Health and Welfare (MOHW) announced the result for the 5th public financial forecasting of the National Pension System (NPS). The financial forecasting of the NPS refers to an overall plan for managing the NPS, which includes insurance fee adjustments and fund operation plans. The prediction’s fundamental interest is the exhaustion time of the national pension, as the 4th forecasting held in 2018 predicted the fund to go into deficit by 2057. According to data from the MOHW, the rate of increase in NPS payment is 5.1%, which is a 2.6%p increase from last year; hence, the amount of coverage this year is expected to increase by \1.68 trillion. Furthermore, the National Statistical Office calculated Korea’s 2070 population to reach 37.66 million, and 46.4% of the population to be 65 years of age or older. This implies that the economically active population would decline, whereas welfare cases receiving the pension would skyrocket. Since last May, the government has held several expert forums to solve the exhaustion problem. Most experts proposed measures to raise insurance fee rates and lower the payment age, meaning the parametric reform “to pay more and get later.” The most common approach is to raise the insurance price rate by 0.5%p annually until it reaches 15% by 2036 to delay the exhaustion time for 16 years. The government is to draw up a reform strategy for the NPS as soon as the 5th financial forecasting result is presented.