[2023 Click Political Figures] Ju Ho-young's Pension Clock

Focus on Pension Reform in the Second Half of This Year
Also a Task to Prevent the Ruling of the Giant Opposition Party in Legislation

[Asia Economy Reporter Kum Bo-ryeong] Joo Ho-young, the floor leader of the People Power Party, is expected to have one of the busiest years in 2023. Until April this year, he must fight daily on the front lines against the '170-seat giant opposition party,' and he also needs to provide support for pension reform, one of the 'three major reforms (pension, labor, education reform)' driven by President Yoon Suk-yeol in his second year in office. With the pension reform timeline accelerating, attention is focused on whether Joo’s distinctive 'rational leadership' will shine.

According to political circles on the 11th, the National Assembly’s Special Committee on Pension Reform (Pension Special Committee) plans to receive reform proposals from private experts and others this month and present a draft reform plan by April. The government is advancing the '5th National Pension Financial Projection' work, which estimates the depletion point of the National Pension Fund, by two months to complete it by this month.

According to the 2018 financial projection, the National Pension Fund was estimated to be depleted starting in 2057. However, due to liquidity unleashed after COVID-19 stimulating inflation and the recent rapid increase in pension payments, the depletion point is expected to come sooner. Therefore, the government is pushing for pension reform that involves paying more for a longer period and receiving less, which is expected to face considerable public opposition.

Joo Ho-young serves as the chairman of the Pension Special Committee. The committee’s activity period is until April 30, but since pension reform is a core national agenda of the Yoon Suk-yeol administration and the opposition party also agrees with pension reform, an extension is likely. Joo also chaired the Special Committee on Civil Servant Pension Reform during the Park Geun-hye administration, achieving pension reform amid opposition from civil servant organizations.

[Image source=Yonhap News]

Another challenge is to block the Democratic Party’s legislative dominance. Last year, the Democratic Party, boasting nearly 170 seats, insisted on passing a revised budget bill prepared unilaterally, but after relentless persuasion by Joo, a consensus was reached. At that time, Joo, a Buddhist, endured a period of hardship by performing 108 prostrations in his office. The 108 prostrations in Buddhism are performed to cut off the 108 defilements, which represent all human sufferings, by bowing to the Buddha.

At the end of last year, as the budget battle coincided with the Itaewon tragedy parliamentary investigation, leading to a standoff between the ruling and opposition parties, Joo returned to the Itaewon parliamentary investigation, which the ruling party had boycotted, to pressure the Democratic Party for a budget agreement. As a result, the budget bill for last year, which passed 21 days after the legal deadline, was seen as a retreat by the Democratic Party.

A People Power Party official said, "There were opinions within the party that the agreement on the National Assembly’s 'Yongsan Itaewon Tragedy Truth-finding and Recurrence Prevention Special Parliamentary Investigation Committee (Special Investigation Committee)' should not have been made in the first place, but it is much better than a half-hearted investigation," adding, "From the Democratic Party’s perspective, they could have conducted the investigation alone, but with the ruling party’s participation, they can play a role in removing unnecessary parts."

Because of this, trust in Representative Joo within the party is quite high. When the party was thrown into turmoil last summer due to the suspension of former party leader Lee Jun-seok’s party membership, Joo led the emergency committee to manage the situation. He has held key positions such as senior deputy floor leader, chairman of the policy committee, acting party leader, and floor leader. Although the court partially accepted Lee’s injunction to suspend the emergency committee transition, which temporarily halted the emergency committee chairman’s duties, Joo was promptly elected floor leader, receiving 61 votes out of 106 participating lawmakers.

Joo Ho-young is regarded as rational within the party. A first-term People Power Party lawmaker said, "Maybe because he was a judge, he always tries to listen to various perspectives when an issue arises," adding, "He is rational because he does not lean to one side." A senior lawmaker said, "He rarely makes impulsive decisions and is highly regarded for his careful consideration of issues."

Joo Ho-young has achieved five terms in Daegu Suseong, a stronghold of the People Power Party. In the 2016 20th general election, he demonstrated his strength by running as an independent and winning after being excluded in the 'nomination massacre' by the pro-Park Geun-hye faction of the Saenuri Party, the predecessor of the People Power Party. He also defeated former Prime Minister Kim Boo-kyum in the 21st general election. His factional color within the party is faint. He is not considered 'pro-Yoon' (supporting President Yoon Suk-yeol) but is classified as 'pan-Yoon' rather than 'anti-Yoon.' Another senior lawmaker explained, "He has not deeply belonged to any faction, so his factional color is faint. This can be both an advantage and a disadvantage, but it seems to work as an advantage for Representative Joo."