Deputy Prime Minister and Finance Minister Kim Dong-yeon says the government is planning another round of pension reforms for public servants.

Speaking at the National Assembly’s Special Committee on Budget and Accounts on Monday, Kim Dong-yeon said although the public employees’ pension system has gone through reforms, there is a need for it to be revised again in the medium term. 

Kim was responding to a question by Rep. Oh Shin-hwan of the minor opposition Bareunmirae Party about the necessity of major reforms for various pension funds for their sustainable management. 

He said the government is also looking into the soldiers’ pension and the private school pension, adding that the three pensions schemes will eventually be reviewed for long-term reform in tandem with social consensus built on them. 

In regards to worries the national pension system will quickly be exhausted, the minister highlighted the importance of public trust and stressed that he wants to wipe out such concerns. 

Kim said the government's official stance is that under all circumstances the national pension funds will be paid back.