Yangdae Nochong: "Pension Reform That Pays More and Receives Less Is a Deterioration"

The two major labor unions criticized the pension reform plan by Acting President and Deputy Prime Minister for Economy and Minister of Strategy and Finance Choi Sang-mok, calling it a "deterioration" for its 'pay more, receive less' approach.

The chairpersons of the two major labor unions and members of the Democratic Party of Korea are holding a press conference on the steps in front of the National Assembly main building. Photo by Yonhap News

The Korean Confederation of Trade Unions (KCTU) and the Federation of Korean Trade Unions (FKTU) stated in a press release on the 11th that they "will resist the pension coup that stokes public anxiety about retirement."

The two major unions pointed out, "This directly contradicts the public discussion results conducted by the National Assembly ahead of last April's pension reform," adding, "During the 21st National Assembly's public discussion process, the majority opinion confirmed that a pension reform of 'pay more, receive more' was necessary. Ignoring this is inciting public anxiety about retirement."

Earlier, Acting President Choi said at the Cabinet meeting held at the Government Seoul Office that "a social consensus on 'paying more and receiving less' is essential for the stable operation of the National Pension Service."