Lee Jae-myung Proposes Pension Reform Summit with President Yoon... "Urges Grand Compromise"

Pressuring President Yoon on Livelihood Issues
Yoon: "Must Discuss Thoroughly in the 22nd National Assembly"

Lee Jae-myung, leader of the Democratic Party of Korea, proposed a summit meeting with President Yoon Seok-yeol, stating that they would reach an agreement on pension reform. This is interpreted as a proposal to pressure President Yoon, who has already expressed hope to handle pension reform in the 22nd National Assembly.

Lee Jae-myung, leader of the Democratic Party of Korea, is speaking at the Supreme Council meeting held at the National Assembly on the 24th. Photo by Kim Hyun-min kimhyun81@

On the 24th, Lee Jae-myung, leader of the Democratic Party of Korea, said at the Supreme Council meeting held at the National Assembly in Yeouido, Seoul, "If we only agree on the income replacement rate, pension reform will be largely completed," adding, "Whether the president meets with the heads of the ruling and opposition parties, or the president meets with the Democratic Party leader, I think it must be resolved by any means." He continued, "It is not desirable to pass this important issue on to the 22nd National Assembly," and emphasized, "I urge President Yoon not to let the past efforts go to waste and to achieve a grand compromise."

The Democratic Party initially stated that it would handle the pension reform within the 21st National Assembly even if the content of the originally proposed pension reform plan regresses. The Democratic Party proposed an income replacement rate of 50% at the Pension Reform Special Committee but later accepted the government’s proposal of 45%. The Democratic Party also suggested negotiations, saying the income replacement rate could be lowered to 44%, as proposed by People Power Party lawmaker Yoo Kyung-joon on the 10th. In a YouTube broadcast conducted inside a car the day before, Lee said, "The Democratic Party also asks how about 44% for the income replacement rate, which is just a 1% difference," adding, "Most of the other disagreements have been narrowed, and it can be settled before the end of the 21st National Assembly." He also added, "Significant progress has been made, and the public has somewhat reached a consensus," and "Speaker Kim Jin-pyo also has a strong will to handle the pension reform plan."

However, the government’s position is that the pension reform plan should be passed on to the 22nd National Assembly. President Yoon said at a press conference on the 9th, "Given the limited time left in the 21st National Assembly, it is better to pass it on to the 22nd National Assembly for more thorough discussion rather than rushing it." Minister of Health and Welfare Cho Kyu-hong also stated at a press briefing held at the Korea Press Center in Jung-gu, Seoul, the day before, "Rather than rushing in the limited time left in the 21st National Assembly, sufficient discussion and agreement should be made in the 22nd National Assembly."

This move by the Democratic Party is interpreted as an attempt to pressure President Yoon on the theme of people’s livelihood. It broadens the front along with the special investigation law for Corporal Chae and the livelihood recovery support fund. Park Chan-dae, floor leader of the Democratic Party, said, "One of President Yoon’s characteristics is that he repeatedly throws out policies abruptly and ignores them when public opinion turns negative," adding, "The same goes for pension reform. Although it is a core presidential pledge, he throws it out and does not take responsibility." He continued, "(President Yoon) only talks about reform but does not show will," emphasizing, "Continuously delaying pension reform is irresponsible."