The National Pension Service's payment will also more than double to 44 trillion won from 18 trillion won over the 10-year period as the baby boom generation, who was born between 1955 to 1963, enters a group of pensioners.

At the same time, the National Health Insurance will likely run into the red in 2016 and the Employment Insurance is also forecast to suffer a deficit from 2020.

The Ministry of Strategy and Finance said the integrated assessment of their financial estimates for the next 70 years will start next year on a comparable basis.

So far, the insurance operators have carried out their respective assessment of financial estimates every five or three years.

"As Korea is suffering from a low birth rate and rapid aging, the public insurances face fiscal risks at a faster-than-expected pace," Finance Minister Yoo Il-ho said at a government meeting in Seoul. "Based on the precise 70-year long forecast, we have to map out a sustainable plan to strike a balance in the public funds." (Yonhap)