Government "Respect Bipartisan Pension Reform Agreement... Automatic Adjustment Mechanism Must Be Introduced"

"We Will Closely Consult with the National Assembly"

On the 14th, as the ruling and opposition parties tentatively agreed on a 43% income replacement rate for the National Pension, the government expressed its position of "respecting the bipartisan agreement."

The government stated on the same day, "We will closely consult with the National Assembly regarding the conditions proposed by the opposition party (the Democratic Party of Korea)."

Yonhap News

The government emphasized, "We hope the Pension Special Committee (the National Assembly's Special Committee on Pension Reform) will be established promptly," adding, "In particular, the automatic adjustment mechanism must be discussed as a key agenda item and introduced by the committee."

The opposition party demanded three measures as conditions for accepting the 43% income replacement rate: the formalization of payment guarantees for pensions, expansion of childbirth and military service credits, and increased support for insurance premiums for low-income groups.

However, regarding the automatic adjustment mechanism, they stated their position that "even if conditions such as National Assembly approval are attached, it is difficult to accept the automatic adjustment mechanism."