The Finance Ministry created a new bureau tasked to tackle demographic challenges related to the aging population and low fertility rates, it said on Monday.

Dubbed the Bureau of Future Strategy, the new team will be at Seoul’s central tower developing policy responses for the country’s long-term challenges threatening the sustainability of public finances.

“Long-pending questions about the aging society and other demographic issues haven’t been getting proper attention. The new team will organize macroeconomic strategies for those problems,” the ministry said in a statement.

The creation of the new bureau is part of the first major reform carried out since it was merged with the Budget Ministry back in 2008. The Fiscal Policy Bureau will be absorbed into Economic Policy Bureau and the Budget Office. A total of 21 positions have been created.

“Of the 21 newly created posts, 12 are for the temporary workers under the G20 office. Six new positions were created at the Budget Office and three were placed at the financial income tax team under the Tax & Customs Office,” ministry spokesman Hong Nam-ki said.

The Ministry of Finance and Economy and the Ministry of Planning and Budget was merged to integrate budget and fiscal policy functions. The reform of 2008 shifted authority over financial market to the Financial Services Commission.

By Cynthia J. Kim (cynthiak@heraldcorp.com)