How quickly will the national pension be depleted? Financial estimates announced at the end of this month

The results of financial estimation, which will inform the situation at the time of depletion of the national pension, will be released soon.

The Ministry of Health and Welfare plans to announce the preliminary results of the national pension budget estimate at the end of this month, which will serve as the basis for discussions on the reform of the national pension.

The national pension financial calculation, which looks at the financial situation of the national pension 70 years later, is carried out once every five years in accordance with the law.

According to the law, the Ministry of Health and Welfare calculates the finances of the national pension fund by the end of March every five years, establishes a plan for overall operation based on this, and submits it to the National Assembly by the end of October of the same year.

The government decided to first announce the results of the trial calculation at the end of this month earlier than planned, considering the schedule of the special committee on pensions in the National Assembly.

This financial calculation was the 5th, and at the time of the first financial calculation in 2003, the insurance rate was 9% and the income replacement rate was 60%.

Five years later, in the second financial calculation in 2008, the clock was delayed due to a decrease in 2044 and a plan to be exhausted in 2060. With the pension reform in 2007, the insurance premium rate was maintained at 9%, but the income replacement rate was gradually reduced to 40% by 2028. because it was done with

In the 3rd fiscal calculation in 2013, the point of exhaustion was maintained at 2060, and in the 4th calculation in 2018, the year before, the point of turning into a deficit was 2042 and the point of exhaustion was 2057 due to low birth rate and population aging. Moved forward by 3 years.

When the results of the 5th fiscal projections are released, the government must come up with a pension reform plan based on them by October.

Prior to this, the special committee on pensions will operate until April, and the private advisory committee belonging to the special committee will present a draft of pension reform at the end of this month.

First of all, so far, there is a high possibility that the insurance rate increase will be included in the reform plan, but it is unclear whether it will be 'Pay more and receive more', or 'Pay more and receive as it is' or 'Pay more and receive less'.