South Korea has been advised to revamp its pension system in a way that raises both contribution rate and benefits.

The health ministry said the recommendation came from the Organization for Economic Cooperation and Development(OECD) in its report titled “OECD Reviews of Pension Systems: Korea” released on Tuesday.

The report stressed the need to overhaul the national pension system in consideration of the nation’s low birth rate and aging society.

The organization advised South Korea to promptly raise the national pension’s contribution rate to a reasonable level and increase the mandatory age of subscription so that people can continue to pay insurance after they turn 60.

It also recommended that South Korea seek to raise pension benefits by raising the cap on the base monthly income.

The health ministry requested the OECD report, part of the organization’s research on global pension systems, to analyze South Korea’s system amid efforts to improve it.