Yoon Targets Moon's Real Estate and Nuclear Phase-Out Policies as "Ideological, Normalizing Within One Year"

President Yoon Presides Over First Cabinet Meeting in Second Year
Expresses Commitment to Three Major Reforms: Labor, Education, and Pensions

President Yoon Suk-yeol criticized the previous Moon Jae-in administration's real estate policies and nuclear phase-out as ideological, anti-market, and political policies, stating on the 16th that his administration has been working to normalize these policies during his first year in office. He also pledged to swiftly handle labor, pension, and education reforms within his term, saying they "can no longer be postponed."

In his opening remarks at the first Cabinet meeting of his second year in office, held at the Yongsan Presidential Office on the morning of the same day, President Yoon said regarding real estate policies, "During the past five years of the previous administration, housing prices in Seoul doubled, and homeowners had to bear taxes more than ten times higher. Anti-market policies became the breeding ground for large-scale jeonse fraud," adding, "Our government has normalized the ideological and anti-market real estate policies."

President Yoon continued, "Our government has alleviated the excessive property tax burden on citizens through lowering official property prices and normalizing real estate taxation, and also postponed the heavy capital gains tax on multiple homeowners," explaining, "As a result of swiftly pushing forward the normalization of anti-market measures such as loan regulation normalization, full lifting of regulated areas, and improvement of reconstruction regulations, the housing market is stabilizing."

Regarding the 5.3% electricity rate increase announced the previous day, he criticized the Moon Jae-in administration, saying, "The financial deterioration of Korea Electric Power Corporation (KEPCO) caused by the nuclear phase-out and reckless spending has reached a point where we can no longer allow KEPCO bonds to disrupt the financial market," and added, "This clearly shows the damage that national policies, which are not based on science but are obsessed with political ideology, inflict on the people."

He also stated, "We are completely abolishing ideological and political policies and restoring the world-class nuclear power industry ecosystem," introducing achievements such as the resumption of construction of Shin Hanul Units 3 and 4, signing a 2.9 trillion won supply contract for main equipment, providing 200 billion won in special financial support, securing a 3 trillion won nuclear power plant order from Egypt, and launching a 400 billion won small modular reactor (SMR) development project.

[Image source=Yonhap News]

He also expressed his determination regarding the three major reforms. Regarding labor reform, President Yoon emphasized the rule of law between labor and management, as well as improving labor flexibility, fairness, and safety, stating, "Strengthening union accounting transparency is the starting point of labor reform. For the first time ever, we imposed fines and conducted on-site investigations on unions that concealed the use of union dues," and added, "We will take strong measures such as excluding tax support and submit legislative amendments."

Regarding employment inheritance by some militant unions, he explained, "Illegal collective agreements such as employment inheritance that deprive future generations of opportunities will be corrected, and we will propose amendments to the Fair Hiring Act to abolish inherited vested interests."

On education reform, he said, "We are shifting away from standardized and politically ideological education toward education that focuses on creativity and diversity," and mentioned, "We will strengthen the national responsibility system to upgrade child care and education to world-class levels."

President Yoon plans to transition from knowledge-based education to creative problem-solving education, promote digital algorithm and artificial intelligence (AI) education, and prepare for the future by regionalizing universities as industrial hubs.

Regarding pensions, since policies must be operated sustainably for over 50 years, the pension reform plan is to establish a framework and reach consensus within the Yoon Suk-yeol administration rather than rushing to produce results. President Yoon said, "Our government is meticulously analyzing the National Pension financial forecast and reform plans with experts, and is gathering diverse opinions and public sentiment to reach social consensus."

[Image source=Yonhap News]