Features | |
---|---|
1995 Reform | - Increasing contribution rates (3.6% → 4.9%) - Introducing the retirement age (age of 60 only to the newly hired) |
2000 Reform | - Increasing contribution rate (4.9% → 5.5%) - Raising the retirement age of the hired before 1996 incrementally (will be set 50 at 2001 and raised 60 until 2021) - Expending period of pension calculation (final wage → final 3 years’ average wage) |
2009 Reform | - Increasing contribution rates (5.5% → 7%) - Accrual rates (2.1% → 1.9%) - Raising the retirement age (65 only to the newly hired) |
2015 Reform | - Increasing contribution rates (7% → 9%) - Accrual rates (1.9% → 1.7%) - Raising the retirement age (65 to all current employees with 11 years’ transition) (60 only to the newly hired) - Ceiling of contribution and benefits(1.8 times of average wage for all members → 1.6 times) - Maximum years of contribution(33 years → 36 years) - Pension freezing (5 years from 2016 to 2020) |