DPK: Parametric Pension Reform Bill to Be Processed by Committee Next Week

March 16 Press Briefing by Democratic Party Chief Spokesperson Cho Seungrae
"We Must First Address the Agreed-Upon Parametric Reform Bill"

The National Assembly's Health and Welfare Committee, chaired by a member of the Democratic Party of Korea, is planning to address the parametric pension reform bill, on which both the ruling and opposition parties have reached an agreement, sometime next week.

Yonhap News Agency

On March 16, Cho Seungrae, chief spokesperson for the Democratic Party, held a press briefing and stated, "I heard from Park Jumin, the chair of the Health and Welfare Committee, that the committee aims to process the parametric reform bill around next week."

Chief spokesperson Cho explained, "There was a bipartisan agreement to begin pension reform discussions with parametric reforms, and to establish a special committee for structural reforms. Our party agreed to lower the income replacement rate (the amount received) from the originally proposed 50%, resulting in a consensus on an income replacement rate of 43% and a contribution rate (the amount paid) of 13%."

He added, "It appears that the operation of the special pension reform committee has been settled at a 6:6:1 ratio (six members from each major party and one from a minor party). There are ongoing adjustments regarding whether to include the phrase 'consensus-based processing' in its formation. The People Power Party insists that the parametric reform bill cannot be processed unless the special committee is established, which we find incomprehensible. The Democratic Party is proposing that the two issues not be linked and that the bills be processed by consensus."

Regarding discussions on the supplementary budget (extra budget), chief spokesperson Cho said, "Our party has already presented its opinions, and both the ruling and opposition parties have proposed several items. The government should coordinate and quickly submit a supplementary budget bill."

As for Prosecutor General Shim Woojeong, who did not immediately appeal President Yoon Suk Yeol's release cancellation, the Democratic Party's Legal Committee is reviewing the possibility of filing a charge for aiding escape. Chief spokesperson Cho stated, "I believe the review will be completed by early next week," and added, "The key issue is whether the procedure of submitting an opinion for release cancellation to the court was properly followed."