Ruling and Opposition Parties Request Government to Prepare and Submit Supplementary Budget Within This Month... 'Pensions to Be Discussed Again' (Comprehensive)

Pension Reform Stalls Over Special Committee's "Joint Handling"
Welfare Committee to Discuss Military and Childbirth Credits
Plenary Sessions Likely on the 20th and 21st

On the 18th, the ruling and opposition parties agreed to request the government to prepare a supplementary budget (supplementary budget) by the end of this month. Regarding pension reform, they reaffirmed the agreed matters, but failed to find a compromise on the operation method of the Pension Special Committee, deciding to discuss it again.

Speaker of the National Assembly Woo Won-sik and representatives of the ruling and opposition parties met at the National Assembly on the same day to negotiate on key issues such as the supplementary budget and pension matters. Regarding the supplementary budget, both parties requested the government to expedite its preparation. After the meeting, Park Hyung-soo, the senior deputy floor leader of the People Power Party, told reporters, "Regarding the supplementary budget, the ruling and opposition parties agreed to jointly request the government to submit the plan by the end of this month." Park Sung-joon, the senior deputy floor leader of the Democratic Party of Korea, conveyed the atmosphere by saying, "Within the Democratic Party, there was criticism that the government has been passive regarding this issue."

Regarding pension reform, they reaffirmed the existing agreement to raise the insurance premium rate to 13% and the income replacement rate to 43%.

Speaker Woo Won-sik is taking a commemorative photo with Kwon Seong-dong, floor leader of the People Power Party (left), and Park Chan-dae, floor leader of the Democratic Party of Korea, at the National Assembly Speaker's Office during the National Policy Council held on the 10th. 2025.3.10 Photo by Kim Hyun-min

However, concerning the operation method of the Pension Special Committee, on which the ruling and opposition parties have differing opinions, issues such as military service credits, childbirth credits, and low-income support will be discussed and finalized in the relevant standing committees. Senior Deputy Floor Leader Park Sung-joon explained, "There is no disagreement on the major parameters of pension reform in today's meeting. We have reached an agreement. Military service credits, childbirth credits, and low-income support are minor details that have been broadly agreed upon to be discussed, agreed upon, and handled in the Health and Welfare Committee." He added, "Regarding the Pension Special Committee, there is a phrase 'ruling and opposition joint handling.' (Within the Democratic Party) there was a discussion questioning the meaning of including this phrase since the chairperson of the Pension Special Committee was assigned to the People Power Party. After further discussion in the Welfare Committee, the 'ruling and opposition joint handling' part will be discussed again (in a future meeting)."

There was also discussion about the schedule for the plenary session.

Senior Deputy Floor Leader Park Sung-joon said, "On the 20th, the plenary session will handle the Kim Geon-hee Special Prosecutor Act, and on the 21st, we proposed holding a current affairs inquiry to address issues such as the U.S. designating South Korea as a sensitive country and the collapse of the constitutional order." Regarding this, Senior Deputy Floor Leader Park Hyung-soo stated, "Regarding the urgent current affairs inquiry, the People Power Party's position is to first discuss it in the Foreign Affairs and Unification Committee and then decide whether to handle it as an urgent current affairs inquiry in the plenary session," revealing differences in the legislative schedule.