Lee Jae-myung "Accepts ruling party's proposed income replacement rate of 44%... Yoon, please accept Democratic Party's proposal"

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@

Lee Jae-myung, leader of the Democratic Party of Korea, announced that he would accept the ruling party's proposed income replacement rate of 44% in discussions on National Pension reform.

On the 25th, Lee held a press conference at the National Assembly and said, "This is something that must be done, but since there is no time, the Democratic Party will inevitably make all concessions. We will fully accept the ruling party's proposed income replacement rate of 44%." He added, "The income replacement rates advocated by the Democratic Party and the People Power Party are 45% and 44%, respectively. We cannot let a 1 percentage point difference derail the pension reform plan."

Lee appealed to President Yoon Suk-yeol, saying, "I earnestly request President Yoon. The people remember the president's promise to not avoid his historic mission and responsibility and to carry out pension reform." He urged, "The president should immediately accept the Democratic Party's proposal."

He also addressed the People Power Party, stating, "If they avoid this by giving another excuse, the public will judge that there was no will for pension reform from the start." He called on them to "engage in concrete legislative discussions without delay."

Lee emphasized, "I am well aware that an income replacement rate of 44% is not sufficient for the people. However, we cannot give up on the efforts of the National Assembly's Pension Special Committee, which has been working for 18 months. It is better to move forward even half a step than to sit down because we cannot take a full step."

He continued, "To supplement the shortcomings, we will pursue a second pension reform in the 22nd National Assembly." He stressed, "We will strengthen the state's responsibility for the people's retirement, enhance multi-layered retirement income security, and achieve structural reforms to ensure the sustainability of the National Pension."

He concluded by appealing once again to the president and the People Power Party, saying, "Let's not delay any longer. Even this weekend, the ruling and opposition parties should meet, reach an agreement, and conclude the first pension reform in this (21st) National Assembly."