National Pension Reform Plan Fails to Reach Bipartisan Agreement... Unable to Attend Europe Business Trip

The ruling and opposition parties failed to reach an agreement in the 21st National Assembly to adjust the National Pension insurance premiums and benefits.

Joo Ho-young, chairman of the National Assembly's Special Committee on Pension Reform, held a press conference at the National Assembly Communication Office on the 7th and stated, "Ultimately, legislation became difficult due to a 2 percentage point difference in the income replacement rate."

The ruling party's Yoo Kyung-joon and the Democratic Party's Kim Sung-joo, who are the floor leaders of the Pension Special Committee, attempted a last-minute settlement on the day, and reached a consensus on raising the premium rate from 9% to 13%.

Joo Ho-young, Chairman of the Special Committee on Pension Reform, States Position
(Seoul=Yonhap News) Reporter Kim Joo-hyung = Joo Ho-young, Chairman of the National Assembly Special Committee on Pension Reform (center), along with People Power Party’s Yoo Kyung-joon (right) and Democratic Party’s Kim Sung-joo, the committee secretaries from both parties, are stating their positions on the conclusion of the Special Committee on Pension Reform and the cancellation of the business trip at the National Assembly Press Hall on the afternoon of May 7, 2024.
kjhpress@yna.co.kr
(End)


＜Copyright(c) Yonhap News Agency, Unauthorized reproduction and redistribution, AI training and use prohibited＞

However, they failed to narrow the gap between the ruling party's position that the income replacement rate can only be raised to 43% for pension financial stability and the Democratic Party's stance that it must be at least 45% to ensure retirement income security.

Chairman Joo said, "I hope that based on this discussion, the ruling and opposition parties will reach an agreement in the 22nd National Assembly and achieve prompt pension reform."

With the failure of the ruling and opposition parties' negotiations on that day, the Pension Special Committee canceled the scheduled business trips to the UK and Sweden starting from the 8th.