NPS Eyes City by the Bay
Posted on 06/28/2023
The need for greater investment returns is prompting South Korea’s National Pension Service (NPS) to look at space for an office in San Francisco. This, despite the exodus of businesses and individuals fleeing the city. Korean officials said: “The pension fund will set up new overseas offices in major financial hubs as well as in emerging countries to discover new investment opportunities.”
The reason for the San Francisco site is the proximity to Silicon Valley tech companies. If NPS moves ahead, the office would join the ranks of foreign offices in New York, London, and Singapore.
President Yoon Suk Yeol suggested “extraordinary measures” to shore up NPS for the future after an annual loss that appears to have been largely temporary, as of late June 2023. Facing Q1 2023 with US$ 727.9 billion, the demographics of the country, as in others, appears daunting. In 2050, 40% of the population will be of retirement age. South Korea has 9 million more workers now than it will have in 2050.
