The National Assembly Pension Reform Special Committee held its first full meeting amid expectations that pension-related discussions would be difficult for a while due to the start of early presidential elections. However, from the first meeting, conflict intensified over the committee’s composition between ruling and opposition parties, indicating a challenging path to reaching consensus.
During the meeting on the 8th, Rep. Yoon Young-seok from the People Power Party was appointed as the chairman, with Rep. Kim Mi-ae from the same party and Rep. Oh Ki-hyung from the Democratic Party chosen as secretaries.
Chairman Yoon emphasized the importance of the pension system, stating, “The pension system is the foundation of our country’s welfare system, but its security and sustainability are threatened by unprecedented low birth rates and aging population.” He pledged to work tirelessly for pension reform that ensures generational equity and regains public trust.
In the meeting, disagreements arose among lawmakers over the committee’s composition. Democratic Party Rep. Mo Kyung-jong mentioned the resignation of several committee members from the People Power Party, citing that escalating party-to-party arguments only create obstacles to achieving the necessary outcomes.
Rep. Woo Jae-jun from the People Power Party criticized Progressive Party Rep. Jeon Jong-deok for opposing the implementation of ‘auto-safety mechanisms’ for fiscal stabilization and advocating for a 50% income replacement rate. Woo suggested that if there is no alternative plan for fiscal stabilization, the Progressive Party might consider withdrawing from the committee.
In response, Rep. Jeon stated, “I have never heard of expressing regrets about another party’s participation in a committee, whether standing or special,” emphasizing the role of presenting, debating, and forming rational solutions in the committee.
The National Assembly Pension Reform Special Committee aims to conclude discussions by the end of the year on issues including the introduction of an automatic adjustment mechanism to the national pension, integration with basic, retirement, and private pensions.
Simultaneously, the government has begun preparatory work to support the execution of parametric and structural reforms to the national pension system. The Ministry of Health and Welfare held an initial preparation meeting with the National Pension Service on the 7th to discuss adjusting subordinate legislation, system overhauls related to next year’s insurance premium rates and credit system changes, efforts to increase fund yields, and support for the National Assembly committee.
Vice Health Minister Lee Ki-il expressed support for sufficient discussions on additional reform tasks through the committee.