South Korea proposes raising national pension contribution rate from 9% to 13% for an aging population.

South Korea's government has proposed raising the national pension contribution rate from 9% to 13% to address the fund's depletion due to an aging population. Increases will vary by age group, with the plan requiring parliamentary approval. The reform aims to sustain the pension system, maintain a 42% income replacement rate, enhance investment returns, and introduce an automatic adjustment system for benefits. If approved, this will be the first contribution rate increase in 27 years.

September 04, 2024
6 Articles

Further Reading