Act Governing Retirement, Severance, and Bereavement Compensation for the Teaching and Other Staff Members of Public Schools Article 98

For staff members newly employed on or after 1 July 2023, the competent authority will establish a new pension and benefit system, which shall be enacted in statutory law.If the establishment of the pension and benefit system referred to in the preceding paragraph leads to any financial gap arising in the fiscal year that the Pension Fund is exhausted, the government shall formulate an appropriation based on financial and actuarial calculations for settling the Pension Fund, in its annual budget to cover the gap, from the implementation date of the pension and benefit system un referred to in the preceding paragraph.After the government has completed the appropriations in accordance with the provisions of the preceding paragraph, it shallcontinue to formulate annual budgetary appropriations based on financial and actuarial calculations for settling the Pension Fund, to replenish the Pension Fund on order to soundly manage its finances.