Pres. Park expected to scale back pension pledge
It was a bold promise, but it turns out that once the numbers were crunched, it was a step too far.
During her election campaign last year, President Park Geun-hye had promised to give all citizens over the age of 65 a basic pension of 200-thousand won, or roughly 1-hundred-85 U.S. dollars a month.
But the Welfare Ministry says that, under the new plans that are set to be announced on Thursday, senior citizens in the bottom 70 percent income bracket will be offered a monthly pension of UP TO 1-hundred-85 dollars.
Exact figures will be based on any subsidiary income and how much that individual paid into the national pension system.
Experts say the president's apparent retreat indicates that the pledge would have placed a massive burden on state finances especially considering Korea's rapidly aging population.
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