Recent estimates suggest that the National Pension Service's evaluation gains from domestic stocks have sharply declined amid increasing market volatility.
On July 30, related industry sources and online communities reported the spread of these estimates.
The disclosed data includes projections of the National Pension's evaluation gains based on fluctuations in the KOSPI index, as well as analyses regarding the extension of the pension depletion period. Notably, the data indicates that while the KOSPI reached approximately 314 trillion won in mid-June, when it was around 9,100 points, it has recently dropped to an estimated 95 trillion won due to falling stock prices. This decline translates to a loss exceeding 200 trillion won on paper.
The controversy centers on the issues of insufficient 'rebalancing' and 'equity in disclosures.' During market upswings, unrealized gains were promoted as a means to extend the pension depletion period, but critics argue that there has been a lack of official explanations regarding the substantial unrealized losses and declines in evaluation gains during downturns.
According to data from the Korea Exchange, pension funds, including the National Pension, were net buyers in the KOSPI market, purchasing over 100 billion won even during the market downturn in July. On days when the market experienced significant declines, they maintained a net buying trend, acquiring more than 110 billion won, prioritizing purchases over realizing profits through sales.
As news of this situation spread, criticism erupted on internet communities and social media. Users expressed dissatisfaction, stating, "When profits were up, they promoted unrealized gains to delay pension depletion, but now they remain silent amid hundreds of trillions in evaluation losses," and "The National Pension has only enriched foreign investors."
* This article has been translated by AI.
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