The Ministry of Health and Welfare (MOHW) will establish a Fund Management Division within the ministry to improve the operating framework of the National Pension Service (NPS) fund.
The ministry will give advance notice of legislation until July 10 on a partial amendment to the enforcement rules governing the organization of the Ministry of Health and Welfare and its affiliated agencies, which includes these measures, according to the government and other sources Friday.
The ministry decided to create the Fund Management Division as a temporary organization operating until the end of July 2029. It will be staffed by four people, including one Grade 4 civil servant.
The decision to create the division came as the National Pension fund exceeded 1,600 trillion won as of April, increasing its influence on the domestic and international economy, sources said. The move was also driven by reduced efficiency caused by the National Pension Finance Division single-handedly managing fund-related duties, according to sources.
The new Fund Management Division will oversee the NPS's stewardship activities and review the investment status by asset class. Earlier, the National Pension Fund Management Committee held its sixth meeting of the year the previous day and decided to prepare reports on 12 implementation review items across seven stewardship principles, starting in the second half of this year.
