Pension Future Forum: “Introducing an Automatic Adjustment Mechanism Is Essential — the Mandatory Contribution Age Should Be Raised to 64”

“We Agree with the Government's Reform Plan — Fiscal Stability Requires Parametric and Structural Reform Together” “Support Should Take the Form of 'Re-employment After Retirement,' Not an Extension of the Retirement Age”

At the seminar that day, the Forum's members expressed agreement in principle with the government's pension reform plan. However, they stressed that the intensity of reform for fiscal stability is too low, and that parametric reform and structural reform must be carried out simultaneously. They particularly stressed that introducing an automatic adjustment mechanism must be carried out, calling it “not an option but a necessity”. They also agreed that theNational Pension has been run in a slack, unaccountable way up to now, and that older generations, too, should share the burden through age-differentiated National Pension contribution rates. They further urged that, through labor market reform, the mandatory National Pension contribution age be raised from the current 59 to 64. However, they said, rather than extending the retirement age, young and older generations should pursue mutual benefit through 're-employment after retirement'. https://www.news1.kr/economy/trend/5548967