'Let's Discuss Pension Reform and Comprehensive Real Estate Tax Revision' Proposal by Ruling Party Rejected by Opposition

Jinseongjun Policy Committee Chairman's Statement
"Pension Reform, Government Must Present Reform Plan First"
"Tax System Reform, Will Participate in Ruling and Opposition Consultation If Revenue Securing Plan Is Presented"

Jin Seong-jun, the Policy Committee Chair of the Democratic Party of Korea, effectively rejected the ruling party's proposal on the 16th to discuss pension reform and the comprehensive real estate tax. He set the precondition that the government must first submit a reform plan regarding pension reform, and also present a revenue securing plan related to tax system reform.

In a statement on the same day, Chair Jin said, "Just before the end of the last National Assembly session, Representative Lee Jae-myung made a progressive decision to accept the ruling party's position to prioritize comprehensive pension reform and soon begin discussions on structural reform. However, the President halted this by stating that 'a reform is needed to create a pension system that will last 70 years.'" He added, "Since the government rejected the pension reform bill that was difficultly derived through public opinion surveys, bipartisan negotiations, and decisions, it is desirable for the government to prepare a pension reform plan and submit it to the National Assembly for review and approval." He thus passed the ball to the government to propose a reform plan regarding pension reform.

Jinseongjun, the Policy Committee Chairman of the Democratic Party of Korea, is speaking at the floor strategy meeting held at the National Assembly on the 25th. Photo by Hyunmin Kim kimhyun81@

Regarding tax system reform, he said, "The government is scheduled to announce a tax reform plan soon, and after reviewing it, we plan to organize the Democratic Party's position." However, he also stated, "In a situation where a deficit is expected this year as well, we have no intention to participate in the government and ruling party's tax reform that only schemes tax cuts for the wealthy without a revenue securing plan. If the government and ruling party present a progressive revenue securing plan, we will consider participating in the ruling-opposition-government consultations." This means that unless the government presents a plan to secure revenue for the deficit, they will not participate in discussions through the ruling-opposition-government consultative body.

Earlier, Choo Kyung-ho, the floor leader of the People Power Party, said at the floor strategy meeting on the same day, "Let us immediately begin discussions on tax reform, including the comprehensive real estate tax reform and the postponement of financial investment income tax, proposed by former Democratic Party leader Lee Jae-myung." He also mentioned, "Ahead of the last plenary session of the National Assembly, I propose forming a ruling-opposition-government consultative body to conduct practical discussions on pension reform, which former Representative Lee was so eager to push forward."

Floor Leader Choo made this proposal, saying that he is willing to discuss matters related to people’s livelihood with the opposition party at any time.