By Yi Whan-woo
Kim Tae-hyun, the chairman and president of the state-run Korea Deposit Insurance Corp. (KDIC), has been nominated to lead the National Pension Service (NPS), the pension operator announced, Thursday.
The state pension provider said Kim is scheduled to take office, Friday. /
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| Kim Tae-hyun, nominee for National Pension Service (NPS) Chairman and CEO / Courtesy of Korea Deposit Insurance Corp. (KDIC) |
He will succeed Kim Yong-jin, who was appointed by former President Moon Jae-in and stepped down a month before President Yoon Suk-yeol's inauguration in May.
Kim Tae-hyun's nomination as the NPS Chairman and CEO has surprised many because it has been less than a year since he was appointed for the three-year term post at KDIC in 2021.
Sources familiar with the matter say Kim's expertise as a career financial bureaucrat was highly valued in the decision to nominate him to lead the NPS.
He will be responsible for improving the NPS' investment return. It posted an 8 percent loss on investments in the first half of 2022, after logging an average investment return of more 10 percent for the past three years.
The incoming NPS CEO will be also tasked with overhauling the national pension system, as it is speculated the fund will go into a deficit in 2039 and be depleted in 2055 if the pension scheme is maintained as it is.
Born in 1966, Kim passed the civil service exam in 1991 and worked his way up at the finance ministry.
He built his career as a senior official at the Financial Service Commission (FSC) since the late 2000s, before being appointed to lead KDIC in October 2021.
Operating under the wing of the Ministry of Economy and Finance, KDIC insures deposits and examines and supervises financial institutions for safety, soundness and consumer protection.
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