A Very Important Pension Reform Forum 2 (Held in October 2004) — Professor Kim Yong-ha

In October 2004,

held at the National Assembly,

hosted by the Korean Social Security Association

at the forum,

these are the main points of Professor Kim Yong-ha's presentation.

Instead of the National Pension fiscal stabilization measures based on the first National Pension financial projection of 2003,

the National Pension

into a Basic Pension and an income-proportional pension,

dualizing it — that is the core content of the proposal.

The newly introduced Basic Pension would

pay all older people 20% of the National Pension subscribers' average income (the A value)and

The income-proportional pension, once separated, would

pay a 20% income replacement rate for a 7% contribution rate — he argued.