Choi Sang-mok "Pension reform is most urgent... Please reach a consensus in the National Assembly"

"Pension Fund to Be Depleted by 2056... Need to Pay More and Receive Less"
"This Week's Job Review... Necessary Measures Will Be Announced"
Emphasis on Active Response to February Extraordinary Session and Government Questioning

Choe Sang-mok, Acting President, Deputy Prime Minister, and Minister of Economy and Finance. Photo by Yonhap News

Choi Sang-mok, Acting President and Deputy Prime Minister as well as Minister of Strategy and Finance, emphasized on the 11th that "the most urgent matter is pension reform," urging, "I hope the ruling and opposition parties in the National Assembly will quickly reach an agreement."

During his opening remarks at the Cabinet meeting held at the Government Seoul Office on the same day, Acting President Choi stated, "If the National Pension continues to operate as it is now, it will turn into a deficit in 2041 and the fund will be completely depleted by 2056."

Currently, both ruling and opposition parties agree on the necessity of pension reform but are in conflict over the level of income replacement rate and the parties responsible for discussing fundamental reforms. Acting President Choi’s call for a bipartisan agreement appears to reflect the recent standoff in the National Assembly.

Acting President Choi explained, "If the National Pension, which is the foundation of a sustainable society, becomes insolvent, the resulting chaos and repercussions would be unpredictable," adding, "For the National Pension to be stably operated without anyone bearing excessive burdens, a social consensus of 'paying more and receiving less' is essential."

He also stated that efforts to respond to the population crisis will be accelerated.

Acting President Choi said, "We will soon hold an 'Emergency Population Countermeasures Meeting' to closely examine the related situation and swiftly devise measures that can meet the demands from the field," emphasizing, "We will actively respond to the super-aged society, including pension reform, and do our best to make this year a turning point in addressing the population crisis."

He announced that the '1st Quarter Livelihood and Economic Response Plan' is currently being operated as if in a crisis situation to avoid missing the golden time for livelihood and economic recovery.

Additionally, he mentioned that this week, the government plans to review the job situation with major economic organizations, stating, "We will focus on discussing public-private cooperation job creation plans and support measures for vulnerable sectors and take necessary actions."

To this end, the government has identified more than 100 livelihood tasks that can be promoted at the level of each ministry through revisions of enforcement ordinances and rules.

Acting President Choi urged Cabinet members to actively respond to the February extraordinary session of the National Assembly and the government questioning starting on the 12th.

He said, "Please actively cooperate with the National Assembly so that legislative achievements to revive livelihood and the economy can be maximized during the extraordinary session," adding, "Especially during the government questioning, please do your best to ensure that the government's efforts for national stability are conveyed exactly as they are without any distortion."