Lee Jae-myung: "Discussion on Structural Reform After Completing Fundamental Reform Legislation in February"

"Instructs Policy Committee to Pursue Swift Implementation Plan"

Lee Jae-myung, leader of the Democratic Party of Korea, instructed the party's Policy Committee on the 26th to "complete the legislative process for parametric reform within February and promptly begin discussions on structural reform, aiming for a swift implementation plan" in relation to the National Pension reform discussions.

Chief Spokesperson Cho Seung-rae announced through a press release that Lee gave these instructions to Policy Committee Chair Jin Sung-jun regarding the ongoing pension reform discussions in the National Assembly's Health and Welfare Committee.

Representative Lee Jae-myung and Floor Leader Park Chan-dae, along with other members of the Democratic Party of Korea, visited the Express Bus Terminal in Seocho-gu, Seoul on the 24th to greet citizens for the Lunar New Year holiday. Photo by Kim Hyun-min

Chief Spokesperson Cho conveyed that Lee said, "The parametric reform plan should be reviewed including the agreement of the 21st National Assembly and the introduction of the credit system."

Last May, near the end of the 21st National Assembly's term, Lee described it as the "last golden time for National Pension reform" and expressed full acceptance of the ruling party's proposed income replacement rate of 44%. He advocated for a contribution rate of 13%. However, at that time, the ruling party opposed the proposal, arguing that without accompanying structural reforms such as addressing low birth rates and national finances, it could not be a fundamental solution, and thus the discussions did not progress.

Recently, however, pension reform discussions have resumed in the Welfare Committee, centered around Park Joo-min, a member of the Democratic Party. On the 21st, Park told reporters that discussions would begin with the parametric reform plan.

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