Ministry of Health and Welfare Holds Expert Meeting on Pension Reform
The Citizens' Delegation of the Pension Reform Deliberation Committee chose a pension reform plan of 'pay more, receive more,' while the Ministry of Health and Welfare effectively expressed opposition.
On the afternoon of the 24th in Seoul, Lee Gi-il, the first vice minister of the Ministry of Health and Welfare, held a meeting with six national pension experts and pension reform-related specialists. The meeting was arranged to hear expert opinions on the future direction of reform, including the results of the pension reform survey by the Citizens' Delegation announced by the Deliberation Committee under the National Assembly's Special Committee on Pension Reform on the 22nd.
Previously, the Deliberation Committee of the National Assembly's Special Committee on Pension Reform conducted a survey of 500 citizens' delegates. As a result, 'Plan 1,' which raises the contribution rate from the current 9% to 13% and increases the income replacement rate, the 'amount received,' from 40% to 50%, was chosen by 56%, while 'Plan 2,' which raises the contribution rate to 12% but maintains the income replacement rate at 40%, was selected by 42.6%.
In his opening remarks, Vice Minister Lee said, “The plan that received much support in the deliberation has voices expressing concerns about the sustainability of finances,” adding, “Originally, pension reform was discussed to stabilize finances, but there are worries that difficulties may instead accelerate.”
He continued, “Our national pension has had concerns about financial sustainability due to its generous system design,” and “Pension reform has been discussed so far with regard to financial sustainability.” He then said, “I hope the experts gathered here will frankly share their opinions on a desirable reform direction that gives hope for the future.”
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