Rival parties fail to pass pension reform bill
SEOUL, May 6 (Yonhap) -- Rival parties on Wednesday failed to pass a pension reform bill for civil servants aimed at reducing chronic deficits in funds.
The ruling Saenuri Party and the main opposition New Politics Alliance for Democracy (NPAD) couldn't get the bill through the National Assembly during the plenary session. The proposal calls for raising the contribution rate from the current 7 percent to 9 percent over the next five years, with the entitlement rate to be reduced from 1.9 to 1.7 percent in stages over the next two decades.
Last weekend, the two sides had drafted the breakthrough scheme and said they'd pass the revision bill on Wednesday.
South Korea's public pension has been ridden with growing deficits as its society is fast aging.
jeeho@yna.co.kr
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