The government decided to extend the term of National Pension Service chief Jun Kwang-woo by a year, officials said on Friday.

The NPS chief’s three-year tenure was due to expire early next month.

Health and welfare officials said the government made the decision in consideration of the performance the pension service achieved under Jun.

According to officials, the number of subscribers of the national pension surpassed 20 million people and the NPS’ combined operating profits it collected by fund investment amounted to 72.5 trillion won for the past three years.

Before taking office as the NPS chief in 2009, Jun served as chairman of the Financial Services Commission. Jun is known for his considerable experience in international financial fields. He worked for the IBRD for 15 years and then served as chairman of Deloitte Korea.

By Chung Ju-won (joowonc@heraldcorp.com)