S.Korea’s giant pension fund plans pay boost to staunch talent loss
South Korea’s National Pension Service (NPS), the world’s third-largest pension fund, said on Tuesday it plans to boost the pay of its fund managers through an extra 4.3 billion won ($3.8 million) budget as it fights to staunch a wave of resignations.
The NPS said in a statement that it plans to increase the fund managers’ pay to the upper quartile range of the private sector, after its move to a remote city caused a spike in staff resignations.
Previously, NPS fund managers earned about 70 percent of the pay of their private sector counterparts.
The NPS’ Investment Management organization, which has 558 trillion won ($493.24 billion) of assets under managements, has moved its headquarters this month to Jeonju, a city 200 km (125 mile) or three-hour trip away from Seoul by high-speed train and taxi.
The NPS said in the statement 30 people quit its Investment Management organization in 2016 – three times the number in 2015 – and 11 more have given notice so far this year.
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