SEOUL: The Republic of Korea’s Health Minister Cho Kyoo-hong said Tuesday his ministry plans to unveil plans to reform the country’s ailing pension system early next month.

Korean news agency Yonhap quoted the minister as saying, ‘We will present the government’s plan on reforming the pension system, including both basic and retirement pensions, by early September.’

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 birth rate.

Source: Emirates News Agency