Joo Ho-young "If Needed, Pension Special Committee Activity Period Will Be Extended"

The Pension Reform Special Committee Ends Its Activity Period on April 30

[Asia Economy Reporter Kim Young-won] Joo Ho-young, floor leader of the People Power Party and chairman of the National Assembly Special Committee on Pension Reform, hinted at the possibility of extending the special committee's activity period.

On the 1st, after the People Power Party study group 'National Sympathy' meeting held at the National Assembly Members' Office Building, Floor Leader Joo told reporters, "Although the special committee's activity period is set until April, no one believes that all reforms will be completed by then," adding, "If necessary, it will be extended."

Joo Ho-young, floor leader of the People Power Party, attended a study meeting hosted by People’s Sympathy at the National Assembly on the 1st and gave a greeting. At this meeting, Kwon Moon-il, director of the National Pension Research Institute at the National Pension Service, gave a lecture on the topic of "The Direction of Pension Reform." Photo by Yoon Dong-ju doso7@

He further commented on the special committee's activity period, which ends on April 30, saying, "It serves as a catalyst for discussion, and the intention is to take steps regardless of the stage reached by then," and added, "I believe it should neither be delayed nor rushed."

Regarding the delay in reaching a consensus on the draft reform plan by the private advisory committee affiliated with the Pension Special Committee, he stated, "I do not see it as a major problem." Floor Leader Joo explained, "Pension reform is inherently a protracted matter, and opinions can vary depending on how one views welfare philosophy and pension goals, so it is not easy to reach an agreement in one or two attempts," adding, "The fact that the advisory committee members have not reached a complete consensus does not mean pension reform has become difficult; this difficulty is inherent." It is known that the private advisory committee is divided over detailed scenarios concerning premium rate increases and income replacement rates.

Floor Leader Joo plans to hold a public deliberation committee related to the National Pension to gather opinions going forward. He said, "We have already had two experiences of public deliberation on issues such as nuclear power plant closures and college entrance exam policies," and added, "Although not finalized yet, the majority opinion is that the National Pension should also undergo public deliberation by gathering 500 citizens with diverse interests. We are preparing the budget necessary for public deliberation and are also searching for a chairman."