Kwon Sung-dong “The Millennials will be the generation that pays into the pension for the longest and the most“
Pension Reform Youth Action: “Youth voices have been ignored“ “Pension Deterioration“
Youth appear at anti-impeachment rallies… People Power Party’s approval rating surpasses that of the Democratic Party
“The formula of youth being progressive is breaking“ Focus on discovering impactful economic policies
[Herald Economy=Joo So-hyun, Kim Hae-sol] The People Power Party is ramping up efforts to garner support from people in their 20s and 30s. Recently, there have been signs of a shift towards more conservative views among the traditionally progressive youth demographic. In particular, the party is intent on reflecting the opinions of young people in economic policies like pension reform, which involve generational interests. If an impeachment ruling leads to an early presidential race, the youth vote is expected to be a decisive factor.
Kwon Sung-dong, the floor leader of the People Power Party, said at a pension reform discussion held in the National Assembly on the 25th, “Our young people are the generation that will have to pay into the pension the longest and the most,“ emphasizing the party’s commitment to a pension reform that benefits the Millennials and future generations.
Kwon further stated, “Various public pensions, like the national pension, are perceived more as burdens than benefits,“ and stressed that pension reform is urgently needed to restore trust among the youth in the state and to resolve generational conflict. While both the ruling and opposition parties have agreed to raise the insurance premium rate of the national pension from 9% to 13%, they have differing views on the income replacement rate.
During the same discussion, Sohn Young-kwang, co-representative of Pension Reform Youth Action, also criticized that “up until now, the voices of youth concerning pension reform have been ignored or dismissed,“ and pointed out that many citizens are being misled into believing there is broad support for simply raising the pension. The Pension Reform Youth Action, a civic group opposing the increase in the income replacement rate, held a press conference at the National Assembly’s communication center on January 22, stating the true purpose of pension reform is to reduce the vast debt unfairly imposed on future generations, and that the opposition-led national pension law amendments only increase debt, calling it “pension deterioration.“
The People Power Party is aligning with the youth’s concerns, asserting that the burden should not be increased on future generations. The party’s Strategy and Planning Special Committee is planning to hold a seminar on pension reform and inheritance tax early next month to hear the youth’s perspectives. According to one party leader, although the areas of interest differ between those in their 20s and 30s, the 30s are particularly concerned with pension reform and inheritance tax due to their involvement in economic activities.
The People Power Party has increased criticism against the Democratic Party, which it claims is focusing on policies for the core support base of middle-aged people in their 40s and 50s. The Democratic Party is concentrated on raising the national pension income replacement rate to 44~45% and increasing deductions for spouses and children in inheritance tax reforms.
Former Minister of Land, Infrastructure, and Transport Won Hee-ryong also remarked on Facebook on the 23rd that the Democratic Party’s inheritance tax reform plan is a “benefit policy that only helps the core support base of the Democratic Party, the 40s and 50s generations,“ pointing out that it overlooks the issues the 20s and 30s will soon face.
This effort to win over the youth comes as recent trends show an increase in support for the People Power Party among the younger generation. The party is invigorated by the participation of students in off-the-record anti-impeachment rallies.
There was a time when the People Power Party’s approval among the youth surpassed that of the Democratic Party. According to a survey conducted by Gallup Korea from February 11 to 13 on 1,004 people aged 18 and older nationwide, 30% of respondents aged 18 to 29 supported the People Power Party, outperforming the Democratic Party’s 24% beyond the margin of error (±3.1 percentage points). Even in their 30s, the support rate for the People Power Party was 35%, slightly higher than the Democratic Party’s 34%.
However, the trend of youth support reversal was less pronounced in a Gallup Korea survey conducted from February 18 to 20 on 1,002 people aged 18 or older nationwide. In their 30s, the Democratic Party led with 46%, compared to the People Power Party’s 28%, surpassing the margin of error. In the 18 to 29 cohort, the Democratic Party slightly edged out the People Power Party by 2 percentage points within the margin of error, with support rates of 27% to 25%.
The youth are expected to become the “swing voters“ in an early presidential election that might follow a presidential impeachment. A People Power Party official noted, “The traditional view that youth are progressive and middle-aged people are conservative is breaking. For instance, the notion of North Korea as a fellow nation has weakened among young people.“ Therefore, the party is focusing on developing impactful economic policies to appeal to the youth.