Hong Ik-pyo "Diluted Pension Reform Plan... Missing Proposals for Income Replacement Rate and Insurance Premium Rate Increase"

"Concrete Execution Plan and Strategy Absent"
"Demonstrates Lack of Will and Capability"

Hong Ik-pyo, floor leader of the Democratic Party of Korea, criticized the government's '5th Comprehensive National Pension Operation Plan' on the 30th, calling it a "bland pension reform plan" that lacks concrete details on raising the income replacement rate and contribution rate, which are considered the core of pension reform.

Lee Jae-myung, leader of the Democratic Party of Korea, is speaking at the Supreme Council meeting held at the National Assembly on the 30th. Photo by Kim Hyun-min kimhyun81@

At the Supreme Council meeting held at the National Assembly that morning, Floor Leader Hong said, "The National Pension Comprehensive Operation Plan announced by the government on the 27th did not present any measures to secure the sustainability of the National Pension or to address blind spots," adding, "President Yoon Seok-yeol has shown that he neither has the will nor the capability for pension reform, following his breaking of the pledge to establish a Presidential Commission on Public Pension Reform."

He continued, "Last December, President Yoon said, 'Reform is an unpopular task, but we must not avoid it and must accomplish it,' but it was just empty words," and pointed out, "The flashy start was followed by a repetition of issues like the expansion of medical school quotas without specific numbers."

Floor Leader Hong stated, "Not only does the plan lack measures to improve the blind spots where people are not enrolled in public pensions and thus have no retirement plans, but it also lists pleasant-sounding ideas such as extending the credit period for childbirth and military service and codifying the guarantee of National Pension payments. However, there are no concrete implementation plans or strategies, leading to criticism that it is not feasible," and criticized, "President Yoon blamed the previous administration for pension reform and claimed he would be different, but this announcement is worse than the four specific measures proposed by the Moon Jae-in administration, raising suspicions that pension reform has been effectively abandoned."

He added, "The Yoon Seok-yeol administration confessed its irresponsibility and incompetence by announcing a pension operation plan that is just a patchwork of meaningless content," and said, "I hope they abandon the habit of blaming the previous government and present effective measures to ensure the sustainability of the National Pension and strengthen real retirement security."