Kim Moonsu: "If Elected, Will Begin Second Phase of National Pension Reform... Will Give Hope to Youth"

Mention of Establishing 'Ministry of Youth' to Represent Young Voices
"Youth in Despair and Anger Due to Pension Reform"
Ahn Cheolsoo: "Welfare Ministry Should Be Split and Merged with Gender Equality Ministry"

Kim Moonsu, former Minister of Employment and Labor and a candidate in the June 3 presidential election, stated that if elected president, he would immediately begin the second phase of national pension reform. He also mentioned the need to establish a new 'Ministry of Youth' to represent the voices of young people.

On the afternoon of April 19, during Group A's first primary debate for the People Power Party held at ASSA Art Hall in Gangseo-gu, Seoul, Kim said, "Young people are feeling even more despair and anger because of pension reform," and added, "If I take office, I will immediately start the second phase of reform for the national pension system."

On the 19th, candidate Kim Moonsu from Group A is speaking at the first primary debate for the 21st presidential candidate of the People Power Party held at ASSA Art Hall in Gangseo-gu, Seoul. Photo by Yonhap News

Earlier, the National Assembly passed, by bipartisan agreement, a parametric reform of the national pension system, raising the current insurance premium rate from 9% to 13% and increasing the income replacement rate from 40% to 43%. However, there has been criticism that the burden of increased premiums falls on the younger generation, while only the older generation enjoys the benefits.

Kim stated, "Young people are thinking about living to 100, but they are falling into despair," and emphasized, "The goal of the second phase of reform is to create a sustainable pension system." He continued, "I will ensure that young people participate in the committee in proportion to their population, listen to their voices, and transform the pension system into a sustainable one."

Kim also said, "Pensions are the most important aspect of retirement life in an era of longevity, so we need pension reform that can give hope to young people and ensure sustainability. The government should introduce an automatic adjustment mechanism for state-guaranteed pensions, directly managing and taking responsibility for the system."

Regarding the bipartisan pension reform, Yoo Jeongbok, Mayor of Incheon, who also participated in the debate, said, "It was wrong," and pointed out, "By focusing on parametric reform, they have only delayed the depletion of the pension fund by 7 to 8 years, which is discouraging for young people."

Mayor Yoo stated, "This is an issue of low birth rates and an aging population," and added, "As we become an aging society, the number of pension recipients is increasing exponentially, which is the core issue. We need to address this through the implementation of a pension peak system."

Kim explained, "The reason young people are angry is that they cannot find jobs, and even if they do, systems are being created that disadvantage them," and added, "There are also calls to establish a Ministry of Youth to prevent the creation of systems that undermine their future."

In response to Kim's mention of establishing a Ministry of Youth, lawmaker Ahn Cheolsoo said, "I believe that in the next administration, the Ministry of Health and Welfare should be divided in half," and continued, "It would be appropriate to merge the Ministry of Health with the Disease Control and Prevention Agency, and combine the remaining part of the Ministry of Welfare with the youth and family functions of the current Ministry of Gender Equality and Family into a single ministry. It would be desirable to include the Ministry of Youth in that structure as well."