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Table 1 Past reforms of the Korean civil service pension system

From: Exploring institutional reform of Korean civil service pension: advocacy coalition framework, policy knowledge and social innovation

  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)
  1. Source: Ministry of Personnel Management (2015)