Health Ministry to unveil plans to reform pension system next month

Health Minister Cho Kyoo-hong said Tuesday the ministry plans to unveil plans to reform the country's ailing pension system early next month.

Health Minister Cho Kyoo-hong speaks during a session at the National Assembly in Seoul on Tuesday. [NEWS1]

Health Minister Cho Kyoo-hong said Tuesday the ministry plans to unveil plans to reform the country's ailing pension system early next month.

"We will present the government's plan on reforming the pension system, including both basic and retirement pensions, by early September," Cho told lawmakers.

Details of the potential pension reform are still scant, but media reports said the government may require old wage earners to pay more and young workers to pay less.

Korea is set to see its huge pension fund depleted faster than expected, hit by rapid aging and a record-low birthrate.

Yonhap