Yoon, to announce pension reform and livelihood message next week… Likely to reveal a delayed plan for financial crisis for 30 years.

Insurance rate adjustment is a stopgap measure,
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, Differentiation of middle-aged and young people likely to be included
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, The 21st National Assembly fails to reform the basic pension system
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, ‘President Yoon Suk-yeol is planning to hold a national briefing as early as next week to revive the pension reform that failed in the 21st National Assembly. It is expected that rather than simply increasing insurance rates (contributions), a comprehensive reform of the pension system, including basic pensions, retirement pensions, and individual pensions, which was criticized as a stopgap measure, will be mentioned. Based on this, a plan to delay the depletion of the National Pension to 2085 from 2055 is expected.’,
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, ‘According to the Blue House on the 23rd, President Yoon will emphasize the sustainability of the pension system and also stress the need for generational fairness regarding the burden of insurance contributions. The proposal may include a ‘differentiation of insurance rates’ where middle-aged individuals approaching pension benefits pay a relatively higher insurance rate compared to young people. An official at the Blue House stated, “Finding a compromise between generations on the increase in insurance rates is crucial.”‘,
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, ‘Pension benefits for different generations, including young people, will be expanded. For military personnel, the current system of crediting up to 6 months of service as a pensionable period (military service credit) is expected to be expanded to cover the entire period of military service. Additionally, the ‘childbirth credit,’ which previously added benefits starting from the second child, may be expanded to start from the first child. There are discussions on increasing the basic pension received by the elderly from the current level of 300,000 won to 400,000 won during President Yoon’s term in office.’,
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, ‘In the 21st National Assembly, discussions on pension reform centered around the replacement rate (amount received) and insurance rate. Both ruling and opposition parties agreed to raise the current 9% insurance rate to 13%, but there were disagreements on raising the replacement rate from 42% to 43% or 45%. When Democratic Party leader Lee Jae-myung accepted the compromise rate of 44% proposed by the People Power Party, expectations for a settlement rose. However, the government and ruling party insisted on simultaneous structural reforms, leading the issue to be passed on to the 22nd National Assembly.’,
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, ‘Three months have passed since the start of the 22nd National Assembly, but the ruling and opposition parties have not even formed a special committee for pension reform. The People Power Party appointed Rep. Park Su-young as the chairman and Rep. Ahn Sang-hoon as the secretary, setting up an internal subcommittee, and urged the Democratic Party to complete the formation of the parliamentary special committee by the end of this month. Meanwhile, the Democratic Party is demanding that the government first present a concrete proposal before deciding on joining the special committee for pension reform.’,
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