The 1st National Consultation on “Pension Reform” was Successfully held
- Kim Jin Pyo, Speaker of the National Assembly, stated, “We need to organize a public deliberation committee for national consensus and political agreement.” -
- Joo Hoyoung, Chairperson of the Special Committee on Pension Reform, stated, “The National Assembly should collect diverse voices to draw a sustainable reform bill on pension.” -
On March 21, at 9:30 AM, the Republic of Korea’s National Assembly, under the leadership of Speaker Kim Jin Pyo, successfully held the 1st National Consultation at the 1st meeting room of the Member’s Office Building under the theme of “How to Reform the Pension System: Prospects and Measures.”
In his opening remarks, Speaker Kim said, “In 2015, we reformed the public official pension system by establishing an organization for compromise.” He added, “I believe we will be able to achieve another pension reform if we can reach national consensus and political agreement by organizing a public deliberation committee.”
Joo Hoyoung, Chairperson of the National Assembly’s Special Committee on Pension Reform (Special Committee on Pension), highlighted that “the National Assembly should integrate diverse stakeholder voices and formulate a sustainable pension reform.
In subsequent congratulatory remarks, Lee Kiil, the First Vice Minister of Health and Welfare, noted, “The Yoon Suk Yeol administration is implementing pension reform, one of the three major reform tasks along with labor and education reforms, as a top priority.”
In the second part of the presentation, Lee Jung-eun, Head of the Estimates & Tax Analysis Department of the National Assembly Budget Office, introduced the results of fiscal outlook for each reform plan based on joint research among National Assembly agencies. He also commented on the need for a harmonious combination of just principles and the spirit of solidarity and social consensus for pension reform.
Kim Yong Ha, Co-chair of the Private Advisory Committee of the Special Commmittee on Pension and Professor at Soonchunhyang University, stressed that the premium rate increase should be adjusted according to the income replacement rate and the need for the improvement of the fund management return. Kim Yeon-myung, the other Co-chair of the Committee and Professor at Chung-Ang University, outlined the adverse effects of excessive premium increases and highlighted the need for a minimum and adequate cost of living guarantee as a goal of pension reform.
During the discussion moderated by Lee Tae Soo, President of the Korea Institute for Health and Social Affairs, Kwon Moon-il, President of the National Pension Research Institute, advocated for early premium rate increases with consideration for efficient fund investments. Kim Won Sub, Professor at Korea University, urged the expansion of the number of people eligible for the basic pension and turning it into a universal basic pension.
Moreover, Jeong Seeun, Professor at Chungnam National University, argued that we should not be deterred by the results of fiscal calculations because they are based on conservative assumptions about the long-term future. Lee Chang-gon, an editorial writer at Hankyoreh, emphasized the need for policymakers to demonstrate a commitment to reform. Lee Seuran, Director of the Bureau of Pension Policy of the Ministry of Health and Welfare, announced that a comprehensive operational plan for pension reform would be formulated by October as a national task.
The consulation was attended by Speaker Kim Jin Pyo and Chairperson of the Special Committee on Pension Reform Joo Hoyoung, as well as Deputy Speaker Kim Young Joo and Administrative Secretary of the Special Committee on Pension Kim Sung-joo, and National Assembly members Lee Yongwoo, Bae Hyunjin, Yun Changhyun, Kim Hackyong, Yoo Dongsoo, Park Yongjin, Park Sooyoung, and Yang Jungsuk.
The National Consultation, organized and hosted by the National Assembly Secretariat and National Assembly Futures Institute, was broadcast live on the National Assembly TV and its YouTube channel, and the consultation materials are available on the National Assembly Futures Institute website.
During the National Consultation, which is designed by the National Assembly to create an opportunity to lead the national agenda, National Assembly’s Special Committees, National Assembly’s affiliated agencies, and other relevant institutions will jointly study and discuss national pending issues that can shape the future of the Republic of Korea. Following the First National Consultation, subsequent consultations are scheduled to be held on topics such as the climate and demographic crises.
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