The National Assembly processed the revision of the National Pension Act, titled 'The More You Pay, the More You Receive,' on the 20th.
The National Pension Act revision presented in the plenary session that day passed with 193 votes in favor, 40 against, and 44 abstentions out of 277 present.
According to the revision, the contribution rate, referred to as 'the money paid,' will increase from the current 9% to 13%. It will rise by 0.5 percentage points each year for 8 years starting next year. The income replacement rate, which determines 'the money received,' will rise to 43% starting next year, up from 41.5% this year.
The recognition period for national pension contributions during military service (credit) has increased from the current 6 months to a maximum of 12 months. (Article 18)
In the case of childbirth credit, which acknowledges contribution periods of up to 50 months for second children and beyond, the first and second children will receive 12 months each, while the third child and onward will receive 18 months each, with the upper limit being abolished. (Article 19)
For low-income regional subscribers, the contents also include a 50% subsidy on contributions for 12 months. (Article 100-4)
It is also stipulated that the state will guarantee the stable and continuous payment of the national pension. (Article 3-2)