Jinseongjun "Accepts Ruling Party's Proposal of 43% Income Replacement Rate for National Pension" (Update)

The Democratic Party of Korea announced on the 14th that it will "accept the National Pension income replacement rate reform plan of 43% advocated by the People Power Party and the government."

Jinseongjun, the Policy Committee Chairman of the Democratic Party of Korea, is speaking at the floor strategy meeting held at the National Assembly in Yeouido, Seoul, on the 11th. Photo by Yonhap News

Jin Seong-jun, the policy chief of the Democratic Party, said at the on-site Supreme Council meeting held in front of Gwanghwamun, Jongno-gu, Seoul, in the morning, "The Democratic Party, under the direction of party leader Lee Jae-myung, has decided to make one more grand concession solely for the people through the discussion process of the Supreme Council."

He added, "While reforming the National Pension is inevitable, it is also true that the burden on the people will increase," and said, "The political circles will fulfill at least their minimum duty for the people who have to bear the increasing burden."

He stated, "Pension reform is urgent to ensure the sustainability of the National Pension, which guarantees retirement income," and said, "If the People Power Party ultimately accepts three issues: the national payment guarantee codification, expansion of credits for childbirth and military service, and expansion of support for low-income groups, the Democratic Party will accept the 43% income replacement rate."

He also added, "I hope the National Assembly’s Health and Welfare Committee will promptly complete the legislative reform on the above matters and that the National Assembly will form a special committee on National Pension reform to swiftly begin discussions on the second phase of structural reform."