South Korea. Gov’t seeks to raise pension premium rate to 13% of income
The government is seeking to gradually increase the pension premium rate from the current 9 percent of income to 13 percent and the pension's income replacement rate from 40 percent to 42 percent through a major reform designed to restore public trust in the fund’s sustainability, particularly among young people. The reform plan, announced on Wednesday by the Ministry of Health and Welfare, includes measures to enhance fairness among different age groups by increasing pension premiums more gradually for younger...
