On May 10, opposition members of the National Assembly Special Committee on Pension Reform declared, “We will step up to finalize the pension reform during the remaining term of the 21st National Assembly.”
During a press conference at the National Assembly Communication Building on the morning of May 10, they stated, “President Yoon Suk Yeol has effectively declared the abandonment of pension reform. He suggests discussing the pension system, which will last for more than 70 years, in the 22nd National Assembly.” They criticized the President by stating, “Denying the discussions of the National Assembly Pension Special Committee over the past year and eight months and starting the discussion again in the 22nd National Assembly means they won’t do it.” They continued, “The Democratic Party, having respected the results of public opinion and made efforts to reach a last-minute agreement with the Ministry of Welfare and the ruling party, cannot hide their shock and anger at the President’s obstruction of pension reform.”
They pointed out, “During the public debate process, both the ruling and opposition parties agreed to increase the subscription rate in line with the wishes of citizen representatives, and the situation only required narrowing down differences on the final income replacement rate. However, the President declared the suspension of the 21st National Assembly pension reform.”
They accused, “President Yoon has not fulfilled his promise to establish a Presidential Pension Reform Committee, has not proposed a government pension plan stipulated by law, and has shifted all responsibility to the National Assembly. It’s as if he has deceived the people and parliament for two years with no real intention of reform, just repeating slogans.” They emphasized, “The President has rejected pension reform for the retirement of the people, but the National Assembly should not give up.”
A secretary of the opposition party Kim Sung Joo met with reporters after the press conference and said, “Declaring a breakdown over a 2% difference in the remaining income replacement rate during the final discussion can only be seen as the ruling party receiving instructions not to discuss pension reform any longer in the 21st National Assembly.”
Regarding the possibility of lowering the income replacement rate, Congressman Lee Yong Woo said, “The original income replacement rate was 50%, which was the result of the public opinion committee. It’s not right to keep lowering the income replacement rate.” Congressman Kim also criticized, “The government’s alternative was an insurance premium rate of 13% and an income replacement rate of 45%, and we proposed adopting it as a single plan, but the ruling party proposed 43%. They have no intention to agree, they’re just stalling and trying to cause a breakdown.”