Song Eon-seok: "Retirement Pension Fund Conversion Is 'Nationalization'... Strongly Opposed"

Argues, "Unilateral State Management of Workers' Retirement Assets Is Clearly Unconstitutional"

Song Eon-seok, floor leader of the People Power Party, expressed his opposition to the nationalization of retirement pensions on January 20.

At the floor strategy meeting held at the National Assembly that day, Song stated, "We strongly oppose the nationalization of workers' retirement pensions being pursued by the Lee Jaemyung administration." He argued, "This is the nationalization of individual retirement pensions," and added, "The right to self-determination over private property is a fundamental right guaranteed by the Constitution. The idea that the state would unilaterally control and manage each worker’s retirement assets is clearly unconstitutional."

Song Eon-seok, floor leader of the People Power Party, is speaking at the floor strategy meeting held at the National Assembly on January 20, 2026. Photo by Kim Hyunmin

Song pointed out, "As of the end of 2024, the accumulated amount in retirement pensions stands at 432 trillion won," and continued, "Among the bills proposed by the Democratic Party, there is one that establishes a Retirement Pension Fund Corporation. This could lead to the fund being managed according to the preferences of the ruling administration, and could also result in parachute appointments." He further warned, "If a pension corporation is created even for individual retirement pensions, the state could use personal retirement funds whenever it deems necessary. Not only could there be mismanagement and irrationalities in the operation process, but even the responsibility for failed management could be passed directly onto the public."

Song also mentioned concerns about the National Pension Fund, especially among younger generations, and cases where the National Pension Fund was used to defend the exchange rate. He emphasized, "Retirement pay does not belong to the state, but to each individual citizen. The People Power Party will never stand by and allow attempts to nationalize the people’s assets."