South Korea's Yoon vows to reform pension plan set to run dry in 2055

SEOUL -- South Korean President Yoon Suk Yeol pledged Thursday to overhaul the country's pension system, which the government now estimates will run out of money in three decades as the birth rate plummets and more seniors retire.

The Ministry of Health and Welfare estimated last year that the national pension fund will begin running a deficit in 2041, forcing it to start drawing down previously accumulated funds. This reserve will peak in 2040 at 1.76 quadrillion won ($1.32 trillion) before declining rapidly and being depleted entirely in 2055.