Yoon: "We Will Reform Pensions for Youth Who Pay More and Receive Benefits Later"

President "Will Definitely Achieve the Four Major Reforms"
"Reforms Inevitably Cause Resistance"

President Yoon Suk-yeol stated on the 29th, "The current pension system, where the elderly are poor and the youth cannot trust it, must be fundamentally reformed," adding, "We will pursue reforms that the younger generation, who pay premiums the longest and the most and receive pensions the latest, can accept."

On the morning of the 29th, reporters are watching President Yoon Seok-yeol's 'National Briefing' being broadcast live in the briefing room of the Presidential Office building in Yongsan, Seoul.
[Image source=Yonhap News]

On the same day, President Yoon held a national briefing and press conference at the Yongsan Presidential Office in the morning, saying, "The four major reforms in pensions, healthcare, education, and labor are urgent tasks critical to the survival and future of the Republic of Korea." President Yoon had announced the possibility of oil and gas deposits on the East Coast during his first national briefing on June 3, and at this second briefing, he directly explained the achievements and future directions of the four major reforms.

In particular, President Yoon expressed the difficulties in pushing forward the four major reforms and strongly indicated his determination to complete them. He said, "Reforms inevitably provoke resistance. The reform process will be a difficult journey," and added, "If we only consider political gains and losses, not doing it would be a much easier path." He continued, "This is why previous governments failed in reforms or did not even attempt them," pointing out, "This is the reason why the structural reforms essential for the sustainable development of our society have not been achieved until now."

President Yoon emphasized, "I will not take the easy path," and stated, "I will definitely achieve the four major reforms promised to the people." First, regarding the National Pension, he proposed 'differentiated increase rates by generation' and the 'introduction of financial stabilization mechanisms.' Given the rapid low birthrate and aging population, it is difficult to solve pension issues with only parameter reforms, which have been the focus of discussions so far, so he included plans to fundamentally reform the structure itself.

President Yoon said, "Along with adjusting parameters such as premium rates and income replacement rates, we must increase fund returns and introduce automatic stabilization devices to ensure the long-term sustainability of pensions." He also urged, "The state's guarantee of payment must be codified in law." Separately from the National Pension, to alleviate elderly poverty, he promised to raise the basic pension to a target of 400,000 won per month during his term.

On the 29th, citizens are watching President Yoon Suk-yeol's government briefing in the waiting room of Seoul Station. Photo by Kang Jin-hyung aymsdream@

President Yoon expressed his determination to proceed with healthcare reform, centered on increasing medical school admissions, as planned. Although various disagreements have recently emerged between ruling and opposition parties regarding the 2026 medical school expansion, he will not stop healthcare reform aimed at revitalizing essential and regional medical services. President Yoon said, "Healthcare reform is a reform to fairly guarantee the right to life and health of the people without regional discrimination," and added, "Now that the increase in medical school admissions is finalized, we will focus our policy capabilities on the essence of the reform: 'reviving regional and essential medical services.'" Regarding the newly announced Population Strategy Planning Department to prepare for low birthrate and aging, he emphasized, "In September, we will launch the 'Population Strategy Planning Department Establishment Promotion Team' as a pan-governmental joint effort to thoroughly prepare all related matters such as organization, personnel, and budget."

Introducing efforts to restore the nuclear power ecosystem by resuming construction of Shin Hanul Units 3 and 4 and actively conducting sales diplomacy, President Yoon stated that since Korea was selected as the preferred negotiator for the 24 trillion won Czech nuclear power plant construction project in July, he will do his best in follow-up measures. "I plan to personally oversee a visit to the Czech Republic soon to successfully finalize the contract," he explained.

He also mentioned the recent domestic demand slump causing difficulties for small business owners and self-employed individuals, saying, "We will revive domestic demand to provide practical help to small business owners and the self-employed," and added, "We will actively promote traditional market consumption, expand the issuance of Onnuri gift certificates, and hold discount events such as the Donghaeng Festival, as announced in the Chuseok livelihood stabilization measures."

This content was produced with the assistance of AI translation services.