National Assembly Speaker and Floor Leaders Meet, Expecting Progress in Pension Reform Talks

"We Will Take a Serious Approach Even to Supplementary Budget Discussions"

National Assembly Speaker Woo Wonshik and the floor leaders of both the ruling and opposition parties began discussions on March 18 regarding key livelihood issues, including pension reform and the supplementary budget.

On the morning of March 18, Speaker Woo held a National Policy Consultation with Kwon Seongdong, the floor leader of the People Power Party, and Park Chandae, the floor leader of the Democratic Party of Korea, in his office at the National Assembly. Before the closed-door meeting, Speaker Woo stated, "The National Assembly will do its utmost to ensure the well-being of the people by joining forces across party lines."

Speaker Woo added, "We are anxiously awaiting the Constitutional Court's ruling on the impeachment of President Yoon Suk Yeol. Although public conflict has intensified on the ground, the National Assembly continues to engage in ongoing discussions through the National Policy Consultation to fulfill its responsibility for the people's livelihood, regardless of party affiliation."

He continued, "We have already reached agreements and made progress on the Special Committee on Climate and the APEC (Asia-Pacific Economic Cooperation) Special Committee. Regarding pension reform, we are resuming discussions for the first time in 18 years. The Democratic Party's decision to concede the income replacement rate at 43%, which has been a contentious issue for over a year, has created conditions for significant progress."

Speaker Woo also stated, "There are several remaining issues, but we will discuss them thoroughly today and make progress, taking a more serious approach to the supplementary budget discussions as well."

Yonhap News Agency

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