"Form a National Assembly Pension Special Committee by the End of August... Opposition Must Join Unconditionally"

The People Power Party has urged the Democratic Party of Korea to "unconditionally engage in discussions so that the National Assembly's Pension Reform Special Committee can be formed by the end of this month."

[Image source=Yonhap News]

On the 18th, Jo Ji-yeon, the floor spokesperson for the People Power Party, stated in a commentary, "As the government is about to announce a pension reform plan, the National Assembly should also promptly form the Pension Reform Special Committee and continue discussions."

Spokesperson Jo added, "During the 21st National Assembly, the Democratic Party hastily tried to pass a pension reform plan, and now saying 'we will review the government plan and then structure the discussion' raises suspicions that they might be using pension reform as a political battleground," and said, "There is no reason to delay the formation of the special committee in order to continue discussions on pension reform."

He continued, "The People Power Party has been operating an internal Pension Reform Special Committee since June and has already proposed the formation of a Pension Reform Special Committee to the Democratic Party several times," emphasizing, "Instead of only thinking about handing out cash, participating in pension reform is the way to serve the country and future generations."

Earlier, the ruling and opposition parties had activated the National Assembly Pension Reform Special Committee during the 21st National Assembly and seemed to reach an agreement on a fundamental reform plan of 'paying more and receiving more' before the term ended. However, the agreement ultimately fell through due to unresolved differences over the extent of the income replacement rate (pension) increase and whether to pursue structural reforms simultaneously. Meanwhile, the government is expected to soon announce a government-level National Pension reform plan focusing on 'intergenerational equity' and 'sustainability.' The announcement is anticipated by the end of this month or early next month.