Panel proposes major overhauls to national pension
![A petitioner receives consultation at a National Pension Service office in Seodaemun District, western Seoul, on Tuesday. [YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2024/03/12/3fba67fc-97ad-49c8-b25d-023a5dd7ed6a.jpg)
A petitioner receives consultation at a National Pension Service office in Seodaemun District, western Seoul, on Tuesday. [YONHAP]
A subpanel under a parliamentary committee for pension reform has endorsed two potential strategies for overhauling the national pension system on Tuesday.
The subcommittee has proposed two options. The first entails elevating the premium rate from its current 9 to 13 percent and augmenting the income replacement ratio from 40 to 50 percent.
The second suggests a premium increase to 12 percent while maintaining 40 percent income substitution.
BY SEO JI-EUN [seo.jieun1@joongang.co.kr]
with the Korea JoongAng Daily
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