Rival camps have failed to reach at the 21st National Assembly, which ends this month, an agreement on adjusting the national pension premium and payout rates.

Joo Ho-young, the head of the National Assembly’s special committee on pension reform, said in a news conference on Tuesday that no agreement had been reached on the issue. 

The ruling People Power Party(PPP) and the main opposition Democratic Party(DP) eked out a last-minute deal to raise the national pension premium rate from nine percent to 13 percent. 

However, they failed to narrow differences over adjusting the income replacement rate. 

The PPP proposed marking up the rate to 43 percent of pre-retirement income from the current 40 percent to guarantee the pension’s financial stability. The DP, on the other hand, said the rate should be raised to 45 percent to protect income security in old age. 

Joo said based on Tuesday’s discussions, he hopes rival camps will be able to reach an agreement during the incoming 22nd National Assembly to swiftly realize pension reform.