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News&Welfare

Press Release

Deliberation and Announcement of the 5th National Pension Comprehensive Plan(Draft)

  • Regdate2023-11-27 16:36
  • Hit2,371

Deliberation and Announcement of

the 5th National Pension Comprehensive Plan(Draft)


 

Presents 15 tasks in 5 major areas with the goal of sustainable national pension reform

Execution of institutional improvements, such as increasing real income, setting fund return targets, and stipulating payment guarantees

Proposal of agenda for public discussion including way to improve pension scheme to prepare for the future

Appropriate levels of premium rates and income replacement rates to be decided following public discussion, by collaborating with the National Assembly, on the presented direction of reform

Commences public discussion in cooperation while actively supporting the formation and operation of a support group among other initiatives

 


 

The Ministry of Health and Welfare (Minister Cho, KyooHong) held a meeting of the National Pension Review Committee on October 27 (Friday). According to Article 4 of the National Pension Act, the National Pension Review Committee deliberated the 5th National Pension Comprehensive Plan (draft), which includes the long-term financial outlook for public finances and system improvements based on financial accounting.

 

The 5th National Pension Comprehensive Plan (draft) was established based on the financial estimate results announced last March, reflecting the institutional improvement recommendations from the Financial Accounting Committee, the results of 24 Stakeholder and Focus Group Interviews (FGI) gathering public opinions, and the discussions of the National Assembly Pension Reform Special Committee.

This plan (draft) was prepared with a focus on the following three points:

 

First, specific improvement tasks are presented to reform the national pension into a sustainable system.

 

A total of “15 Tasks in 5 Major Areas” were prepared, such as strengthening retirement income security, enhancing generational equity and public trust, securing financial stability, improving fund management, and establishing multi-pillar retirement income security.

 

Second, in preparation for the future, agenda for public discussion were proposed, such as way to improve pension scheme. To respond to demographic changes and economic conditions, public opinion will be gathered on the rollout of automatic stabilizers or conversion to the defined contribution pension scheme.

 

Third, direction of reform is presented to initiate public discussion on premium rates and income replacement rates.

 

Given the varying opinions on the appropriate levels of premium rates and income replacement rates, a direction for reform is suggested instead of presenting a specific plan in aims to facilitate a broad discussion through public discourse. Meanwhile, the ongoing discussions within the National Assembly Pension Reform Special Committee on the structural reform of multi-pillar retirement income security system has also been taken into account in that appropriate level may be subject to change depending on the outcomes of these discussions.

 

Considering the importance of sufficient discussion and public consensus on pension reform, the government plan to decide specific levels of premium rates and income replacement rates through a public discussion by collaborating with the National Assembly.

 

Minister of Health and Welfare Cho, KyooHong said, “The National Pension Comprehensive Plan will serve as the basis for full-fledged public discussion towards pension reform. The government will shape a specific reform plan through public discussion by collaborating with the National Assembly Pension Reform Special Committee.”

Minister Cho went on to say that “the government will provide active support to ensure that public discussion is fully facilitated in the National Assembly.”///


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