A detailed proposal on pension reform would be submitted to Parliament soon, he said.
South Korean President Yoon Suk-yeol said the economy is clearly reviving, and he wants to boost consumer demand to keep the momentum going.
But Mr Yoon and other presidents have faced a hard time in funding a social safety system that was set up relatively late in the nation’s path to affluence, which gave the government less time to fill coffers. But they have failed to push major changes through Parliament due to public opposition to tax increases.
However, the contribution rate, which refers to the share of money that a subscriber should dole out from salaries per annum, has stayed at 9 per cent since the late 1990s.
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