Pension Contribution to Rise to Shore up Funds

  • By Sun Jung-min

    December 09, 2022 12:52

    The government plans to raise the mandatory contribution to the national pension fund by half a percentage point every year from 2025.
    The aim is to make sure there is enough money in the national pension fund for the next 50 years.
    "By gradually raising mandatory contributions to 15 percent, the national pension fund's depletion can be delayed by 16 years until 2073," said Yoo Ho-sun at the National Pension Research Institute.
    Yoo was speaking at a forum on Thursday co-hosted by the Ministry of Health and Welfare and the National Assembly special committee on pension reform.
    The pension age will gradually be raised to 65 over the next decade and 68 by the middle of the century as Koreans live and expect to work longer.
    The government forecasts that the two measure combined will almost double the size of the fund from the current W1.78 quadrillion to W3.39 quadrillion (US$1=W1,318).
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