A new law to partially amend the National Pension Act to strengthen the pension system was enacted on May 29, 2020 and promulgated on June 5. The aim is to improve the economic foundation of the system and secure post-retirement income in an environment where employees stay in employment longer and the population is aging.

Starting from May 2022, participation eligibility in corporate DC plans will be extended from the current age 65 to age 70, and the limitation of joining after age 60 will be abolished (currently only employees who joined before age 60 could participate in corporate DC plans). With this change, it will be possible for employees who are hired to a company or are transferred to another office / group company between the age of 60 and 70 to enroll in a corporate DC plan.