Basic pension burden could double by 2048: study

“The share of South Korea’s public finances spent on the basic pension could nearly double by 2048 unless the government narrows eligibility and overhauls the program, a study showed Sunday. According to the study published in the Korea Journal of Public Finance, basic pension spending is projected to rise from 3.08 percent of government finances in 2026 to 6.07 percent in 2048 if the current eligibility criteria remain unchanged. As a share of gross domestic product, spending on the basic pensio

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