Government Reform Plan Called "Reform That Should Have Been Done 17 Years Ago"
To Lee Jae-myung, "Opposition Party Also Discusses Progressive Alternatives"
On the 5th, Seoul Mayor Oh Se-hoon commented on the national pension reform plan announced by the government, saying, "This is a reform that should have been done 17 years ago, and it is only now being implemented," and added, "This time, we must reach a conclusion."
Mayor Oh stated on Facebook that "the reform plan presented by the government is similar to the 2007 plan proposed by the Ministry of Health and Welfare under Minister Yoo Si-min during the Roh Moo-hyun administration, in terms of 'money paid' (insurance premium rate) and 'money received' (income replacement rate)."
The day before, the government announced a pension reform plan that raises the current 9% insurance premium rate to 13% and increases the income replacement rate, which was set to decrease to 40%, to 42%. This detailed plan follows the pension reform policy President Yoon Suk-yeol revealed during the national briefing on the 29th of last month, marking the government's first pension reform plan in 21 years since 2003.
However, Mayor Oh said, "The national pension reform is already long overdue," and expressed regret that "while successive governments, including the Moon Jae-in administration, delayed reforms, the pension finances have worsened and the burden on future generations has skyrocketed." He also mentioned that Lee Jae-myung, leader of the Democratic Party of Korea, emphasized the urgency of reform in May, urging, "As the government has presented its plan, the opposition party should also propose constructive alternatives rather than opposing for the sake of opposition and engage in discussions."
He urged swift follow-up measures, noting that "the expected depletion of the national pension fund is only 30 years away." Mayor Oh said, "For the younger generation, the national pension is nothing but a 'bottomless jar' where they pay in but cannot receive benefits," adding, "We cannot continue to impose such unfairness and insecurity on future generations. Fundamental reform must quickly reach a conclusion as the gap between the government and opposition narrows."
Mayor Oh also added, "Discussions should begin on structural reforms that promise 100 years of security by addressing fundamental solutions for intergenerational equity and sustainability."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
