The presidential office and the government will announce a reform plan on the national pension system, focusing on generational equity and sustainability.

A senior official at the top office said on Thursday that the national pension fund is currently forecast to dry up by 2055, but the reform plan focusing on intergenerational equity and sustainability would delay the depletion of the pension by more than 30 years.

President Yoon Suk Yeol will reportedly unveil the reform plan during a policy briefing, which is expected to come late this month or early next month. 

Currently, the premium rate for the national pension is set at nine percent regardless of age and the government plans to apply different rates for different age groups, with younger people paying less in premiums and older people paying more. 

The government also plans to introduce a fund stabilization system that calls for paying more in premiums and reducing payments when the fund nears depletion.