Kwon Youngguk Announces Pension Policy: "Will Guarantee Minimum Old-Age Living Expense of 1.3 Million Won"

"Securing a 50% Income Replacement Rate"

Kwon Youngguk, the presidential candidate of the Democratic Labor Party, announced on the 24th, "I will prevent the reduction of the coverage for basic pension recipients and raise the benefit level to 500,000 won." He also stated, "I will guarantee a minimum old-age living expense of 1.3 million won for the super-aged population."

Kwon Youngguk, the presidential candidate of the Democratic Labor Party, is speaking at the 2nd candidate debate for the 21st presidential election hosted by the Central Election Broadcasting Debate Commission, held at the KBS main building studio in Yeongdeungpo-gu, Seoul on the 23rd. Photo by National Assembly Press Photographers Group

In his pension policy announcement on this day, Kwon said, "The government will officially recognize a socially appropriate standard and a minimum standard for old-age income to ensure a dignified retirement (minimum old-age living expenses plus the poverty line)." He added, "We will secure a 50% income replacement rate to prevent future old-age poverty."

Kwon also stated, "We will expand the contribution base for the National Pension Scheme from the current 30% of GDP to include capital income and high-income earners who exceed the income ceiling." He continued, "We will change the contribution ratio for National Pension premiums between employers and workers from the current 5:5 to 7:3."

Kwon further explained, "We will invest the National Pension Fund in socially meaningful real assets to enhance the sustainability of society." He added, "We will direct investments toward creating jobs for young people, expanding education and training, strengthening local economic infrastructure, and building infrastructure for social reproduction."

Kwon was selected as the candidate by the Grand Transformation Presidential Election Alliance, which consists of the Justice Party, Labor Party, Green Party, and civil society organizations. Kwon, a former dismissed worker at Poongsan Metal, passed the bar exam in 1999 and has since worked in the labor field, including as a legal representative for Ssangyong Motor's mass layoffs. His key pledges include: ▲ electoral system reform ▲ amendment of Articles 2 and 3 of the Trade Union Act ▲ a 1 million won citizens' minimum income ▲ introduction of a super-wealth tax on the top 0.1%.