Moon Administration Looking to “Reform” National Pension Fund; ROK Public Outraged

It looks like the elderly people of South Korea might be the ones making the sacrifice to pay off Kim Jong-un:

Anchor: The government is reportedly mulling a set of reform measures to ensure the sustainable operation of the National Pension Fund, which is expected to run out of money around three years earlier than predicted. The reported measures are, however, drawing strong public criticism as they’re likely to increase the burden for subscribers.
Our Lee Bo-kyung has more.

Report: The Moon Jae-in administration is floating the idea of pension reform as the pension fund for salaried workers and the self-employed is expected to bottom out in 2057, about three years earlier than previously estimated.

An advisory panel on the national pension is set to release its reform proposals on Friday. The proposals reportedly include a move to extend the subscription period to the age of 65 from the current 60.

The committee also recommends the government increase premiums gradually from the current nine percent of a subscriber’s monthly income. Another step could be pushing back the payout age to 68.

After the plans were leaked in media reports last Friday, people began voicing outrage about the possible changes, posting over one thousand online petitions on the Web site of the presidential office.  [KBS World Radio]

You can read more at the link.