Lee Jae-myung Suggests 'One-Point Plenary Session' on Pension Reform... "Let's Not Miss the Golden Time"

D-1 to the Plenary Session, Lee "Urges Ruling Party's Decision"
"If Delayed Again, Time Will Be Insufficient... Must Reach Agreement Immediately"

The Democratic Party of Korea proposed to first handle pension reform focused on parameter reform within the 21st National Assembly session, and then to actively discuss structural reform in the next National Assembly. Following Democratic Party leader Lee Jae-myung's announcement on the 25th that he would "fully accept the 44% income replacement rate proposed by the People Power Party," the party intends to begin discussions on structural reform in the 22nd National Assembly. On the 29th, the Democratic Party reaffirmed its commitment to pension reform, even leaving open the possibility of a plenary session.

At the Supreme Council meeting held at the National Assembly on the morning of the 27th, Leader Lee said, "Tomorrow (the 28th) is the last plenary session of the 21st National Assembly," and added, "At least the first phase of the National Pension reform must be concluded before the end of the term." He continued, "(Pension reform) is the biggest livelihood issue and a matter of public interest," emphasizing, "Even if there are shortcomings, it is better to move forward even half a step rather than letting the reform plan fail." He also added, "There are constant issues about the meeting date, but if not on the 28th, it is fine to hold a meeting solely for pension reform on the 29th."

Lee Jae-myung, leader of the Democratic Party of Korea, is speaking at the Supreme Council meeting held at the National Assembly on the 27th. Photo by Kim Hyun-min kimhyun81@

He criticized, "The Democratic Party has accepted the ruling party's proposal of a 13% contribution rate and a 44% income replacement rate," but "the government and ruling party stubbornly insist on postponing pension reform under the pretext of structural reform." He further stated, "We can first handle the parameter reform, which has been agreed upon through opposition party concessions," and warned, "Refusing even to handle parameter reform and suggesting to discuss (pension reform) in the next National Assembly is tantamount to saying no reform at all." Moreover, he urged, "The ruling and opposition parties must immediately start negotiations," and pledged, "I will personally engage in negotiations regardless of place, time, or method."

Floor leader Park Chan-dae announced the formation of a dedicated body for pension reform. At the meeting, he said, "We will form a dedicated body at the party level to strengthen the National Pension's guarantee and to comprehensively reform retirement pensions and private pensions," adding, "We will accelerate the reform." He also fiercely criticized, "Even the Democratic Party's generous concessions for pension reform were ultimately rejected by the Presidential Office and the People Power Party," calling their attitude "very irresponsible and politically motivated."

Speaker Kim Jin-pyo and floor leaders Park Chan-dae and Chu Kyung-ho of both parties are expected to meet at 11 a.m. that day to finalize the plenary session schedule. At this meeting, attendees will confirm the plenary session planned for the 28th and discuss contentious bills and the organization of the 22nd National Assembly.