South Korea pension fund in crisis as aging outpaces reform

SEOUL -- South Korea's pension system is facing an existential threat as its baby boomers head into retirement and the birth rate plumbs new lows, putting the national fund on track to run out within decades.

The future of the national pension fund has come under renewed scrutiny since the Ministry of Health and Welfare projected last year that it would start running at a deficit in 2041 and run dry by 2055 unless reforms take place.