"National Pension Plan, National Assembly Majority Security Benefits Up to 61%↓"

Analysts say that the government's recently announced national pension reform plan will significantly reduce the net benefits of the total money paid minus the money received compared to the majority bill from the last National Assembly's public debate committee.

Democratic Party of Korea lawmaker Jeon Jin-sook said that the net benefits of the government plan for those born in 1975 decreased by 46 percent compared to the majority bill discussed in the National Assembly, 56.4 percent for those born in 85 and 61.8 percent for those born in 1995.

The calculations are based on the assumption that pension benefit spending will run the automatic adjustment the government intends to introduce in 2036, when it exceeds premium income.

Jeon argued that the government should withdraw its automatic adjustment mechanism, which the government is trying to introduce only for pension financial stability, saying that the younger generation in particular showed a big difference between the government's proposal and the majority proposal.

Last month, the government announced a national pension reform plan that calls for the introduction of an automatic adjustment system that adjusts pension amounts according to population or economic conditions, differentiating the rate of increase by generation, from 9% to 13%.

In contrast, the so-called "pay more and receive more" majority was drawn up during the public debate at the National Assembly earlier, raising the premium rate to 13% and raising the income replacement rate, which is money received from 42 percent to 50%.