Pension Future Forum: "Key Information Was Omitted from the Pension Reform Public Deliberation Process… A Revote Is Needed"

The core content is to raise the contribution rate from the current 9% to 13%, and also raise the income replacement rate from 40% to 50%, so as to sufficiently guarantee old-age income.

Regarding this outcome, the Pension Future Forum "The finally chosen ‘pay more, receive more’ option increases the cumulative deficit by about 2,700 trillion won compared with the other options, but that information was not provided to the citizen representatives, and content related to the lifetime contribution rate burden by generation was likewise omitted" it stated.

Also, it said that the difference in the scale of the pension fund's deficit, the lifetime contribution rate burden by generation, the ratio of national debt to GDP, and other information were not conveyed to the citizen representatives, and demanded that the Public Deliberation Committee inform the public of the key content that had been omitted and hold another vote.

https://news.kbs.co.kr/news/pc/view/view.do?ncd=7947902