The National Pension Service of Korea (NPS) will require investment staff to give a 30-day notice of resignations to prevent sudden departures under planned changes to the fund’s operating rules, as it responds to a high turnover of employees.
“The purpose of the revision is to minimize the impact of a staff departure on the pension fund’s investment activities,” NPS said. It will hear feedback from employees by September 17.
There have been frequent staff departures from the state pension fund in recent years. NPS has gradually beefed up its hiring capacity for investment staff, lifting the number of managers from 259 in 2016 to 280 in 2019, but its employee-to-capacity ratio was less than 90% last year because more staff resigned than were hired.
Another 14 fund managers are now being recruited. Eighty-two people reportedly applied for the positions, which cover overseas securities, hedge funds, real estate and infrastructure investment, and interviews are now being conducted with the shortlisted candidates.
Ten employees were hired in another recruitment round four months ago. NPS also conducted three rounds of recruitment last year. (Reporting by Hee-yeon Han)