"Democratic Party Ignores Youth Voices, Burdens Future Generations"
"Strongly Urges Presidential Veto"
Former People Power Party leader Han Dong-hoon argued on the 20th that the National Pension amendment, which passed the National Assembly plenary session through bipartisan agreement, should be vetoed (reconsideration requested). He cited the reason that the burden was unfairly placed on the youth.
On the 22nd, Han posted on Facebook, "The National Pension Act amendment passed by the plenary session ignores the younger generation," adding, "Because demographic structures have changed, the National Pension parameters must be revised without delay, but the resulting burden should not be unfairly placed solely on the youth." He said, "I understand that the agreement was difficult to reach, but the fact that it was hard to agree does not justify exploiting or unfairly burdening the youth."
On the 20th, the National Assembly held a plenary session and passed the National Pension Act amendment, which includes raising the contribution rate from 9% to 13% and the income replacement rate from 40% to 43%. The contribution rate refers to the amount subscribers pay monthly, and the income replacement rate refers to the percentage of pension benefits relative to the average income during the pension subscription period. This is the first reform of the National Pension in 18 years since 2007, with the core principle being "pay more, receive more."
Han said, "The amendment raises the contribution rate by 0.5 percentage points every 8 years for all generations, increasing it from 9% to 13%. At first glance, it seems fair, but it is not. The burden on the younger generation, who have a much longer period to pay, is much greater than that on the older generation, including those aged 86 who will soon receive pensions." He also noted that the uncertainty and anxiety about future changes will affect the younger generation, who have a much longer payment period, more significantly.
He also criticized the immediate increase of the income replacement rate to 43% starting next year. He argued, "If the amount to be paid is raised slowly but the amount to be received is increased immediately, only the older generation with a shorter payment period benefits." He reminded that "the government initially prepared a plan to raise the contribution rates differently for the younger and older generations considering the youth," but "this was not reflected at all in the current amendment. The Democratic Party, which pushed the amendment through, sided with the Korean Confederation of Trade Unions, ignoring the voices of the youth and imposing a heavy burden on future generations."
Han expressed concern, saying, "If the current amendment, which exploits the youth, is implemented as is, the social consensus to sustain the National Pension will be fractured, and generational conflicts will intensify." He emphasized, "Instead of unfairly burdening the youth because their political voice is weak, we should consider the youth more because their political voice is still weak."
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