Ahn Cheol-soo: "National Pension will be depleted by 2055... Reform needed to ensure no one misses out on benefits"

Ahn Cheol-soo, the presidential candidate of the People’s Party, is attending the Better Country Strategy Forum held at the CCMM Building in Yeouido, Seoul, on the 10th, delivering a special invited lecture. Photo by Yoon Dong-joo doso7@

[Asia Economy reporters Naju-seok and Geum Bo-ryeong] Ahn Cheol-soo, the People Power Party's presidential candidate, emphasized the necessity of pension reform on the 11th. He stressed the need to unify the four major public pensions under the same standards as the National Pension Service.

At a discussion hosted by the Korea Journalists Association on the same day, Candidate Ahn pointed out, "The National Pension will be depleted by 2055," adding, "By the time those born in 1995 pay and receive the National Pension throughout their lives, the government will have no funds to pay out." He further criticized, "Moreover, by 2088, the cumulative deficit of the National Pension will reach 1,700 trillion won, and leaving this as is amounts to a criminal act."

Candidate Ahn argued, "Japan estimates pensions over 100 years, checking whether descendants 100 years later can also receive benefits, and we should strive to change our system to such a structure." He diagnosed, "The civil servant and military pensions are currently being subsidized by taxpayers' money to cover deficits. While the public cannot receive pensions, if civil servant pensions are funded by taxes, it will deepen the divide between the public and civil servants."

Ahn proposed, "Let's unify all pensions under the same pension standards, as Japan has done since 2015," but added, "The condition is that since civil servants pay a bit more, it is right to acknowledge what they have paid so far, and I oppose merging organizations such as the National Pension Service and the Government Employees Pension Service."

Regarding strategies to persuade pension reform, he said, "Pensioners should receive benefits until death, but if the national fiscal situation worsens and pensions are halved or not paid, reform is necessary. If we persuade people with this reasoning, I believe it is possible to convince them."

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