Table 9. Projections of average subscription period and actual income replacement ratio for new recipients of the national pension old-age benefit

Year	Average subscription period (years)	Actual income replacement ratio (%)
2020	18.6	24.2
2030	20.4	23.2
2040	21.5	22.0
2050	23.3	22.3
2060	27.3	24.9

Source: Jung (2023).
Note: 1) The actual income replacement ratio refers to the ratio of the first-year monthly pension amount to the lifetime average income (B value in the benefit formula) of old-age pension recipients in the given year.