The National Assembly’s Health and Welfare Committee held a subcommittee meeting on bill examination and a full committee meeting on the 20th, passing an amendment to the National Pension Act that includes the core of 'insurance premium rate (the money paid) 13%, income replacement rate (the money received) 43%.'
The amended bill that passed the welfare committee includes the part on the population reform of the National Pension (a reform that adjusts the numbers applied to the pension instead of the overall structure of the pension).
Specifically, the pension insurance premium rate will be raised from the existing 9% to 13% starting in 2026, increasing by 0.5% annually for eight years, and the income replacement rate will be raised from the existing 40% to 43% starting in 2026.
It will also expand the additional counting of the National Pension subscription period for military service and childbirth (credits). The acknowledgment of the National Pension subscription period for military service will increase from the current 6 months to 12 months. The childbirth credit will also expand from counting only starting from the second child according to the number of children to include the first child as well.
Earlier, Kweon Seong-dong, the floor leader of the People Power Party, and Park Chan-dae, the floor leader of the Democratic Party, signed an agreement containing these details during a meeting hosted by National Assembly Speaker Woo Won-sik on the morning of the same day.