Rep. Kang Seungkyu: "National Pension Reform Bill Is a Masked Ponzi Scheme"

On social media: "Not a real improvement, just shifting the burden onto the younger generation"

Kang Seunggyu of the People Power Party

On the 20th, Kang Seungkyu, a member of the People Power Party, stated, "Dismantling the National Pension is the real pension reform," and argued, "This amendment is nothing more than a Ponzi scheme reform disguised as a 'bipartisan agreement.'"

On his social media that day, Kang criticized, "Our government's pension reform should have been fiercely debated and considered in the direction of restoring intergenerational fairness, but this amendment has only bought time by delaying the depletion of the pension fund by just nine years."

He continued, "If the amendment is passed and the insurance premium rate rises to 13% and the income replacement rate becomes 43%, an average office worker earning 3.09 million won per month this year will end up paying about 50 million won over their lifetime, but will only receive about 20 million won more in return," pointing out, "This reform is not a real improvement but merely shifting the burden onto the younger generation."

He questioned, "Among the 38 OECD countries, 24 operate automatic adjustment mechanisms, so why is the political community, which always cites the OECD for every policy regardless of party, ignoring it this time?"

He further remarked, "According to a recent report, the number of young people who are 'taking a break' and not even looking for jobs has surpassed 500,000. Young people are asking, 'Are there even any companies hiring even if we prepare for employment?' The older generation is driving the youth into a dark tunnel and then telling them to take responsibility for supporting us when we retire. Is this what politics has come to?"