The premium rate was 6.5% on October 1, 2008, when the National Pension Program was implemented. An actuarial evaluation on the rate shall be conducted in each two years, each covering a period of 40 years. The premium rate will remain unchanged if the result of the actuarial evaluation suggests that the balance of the insurance fund is sufficient to pay for the insurance benefits for the next 20 years, otherwise the rate shall be adjusted upwards by 0.5%. The maximum limit of the premium rate shall be 12%. Any adjustment of the premium rate, once confirmed, shall be announced by the central competent authority. At present, the premium rate for the National Pension Program is 10%. (Adjusted on January 1, 2023).