Gov't pays 1.4 trillion won for deficit in public worker pension

SEOUL, Oct. 16 (Yonhap) -- The government spent 1.4 trillion won (US$1.2 billion)
last year to fill in the deficit in the state pension fund, a government report
showed Friday.
The subsidy to the Government Employees Pension Service (GEPS) increased yearly
from 647.7 billion won in 2006 to 989.2 billion won in 2007 and to 1.4 trillion
won last year, according to the report submitted to the parliament by the
Ministry of Public Administration and Security.
The GEPS had lost 352.9 billion won from stock investments last year, the report
said, and has yet to retrieve 28.1 billion won, or 85.7 percent, of retirement
pay given to former government workers between 2005 and August this year who were
convicted of irregularities after leaving office.
According to the report, 67 top-level officials at the fund were paid 370 million
won as performance bonuses this year.
GEPS assets are valued at 4.68 trillion won.
brk@yna.co.kr
(END)