National Assembly's Pension Reform Special Committee Formation Plan to Discuss 'Structural Reform' Passes Plenary Session

A 'Special Committee on Pension Reform in the National Assembly' will be established to discuss pension structural reforms following the parametric reform.

On the 20th, the National Assembly held a plenary session and passed the 'Resolution on the Formation of the Special Committee on Pension Reform in the National Assembly' with 219 votes in favor, 11 against, and 9 abstentions out of 239 members present. Earlier, Speaker Woo Won-sik, People Power Party floor leader Kwon Seong-dong, and Democratic Party floor leader Park Chan-dae met and agreed on the parametric reform plan for the National Pension, deciding that structural reform discussions would proceed through the National Assembly Pension Special Committee.

Yonhap News

The National Assembly plans to discuss structural reforms following the parametric reform plan, which is based on the principle of 'contribute more, receive more.' The goal is to reform the National Pension's finances to enhance sustainability and establish a multi-layered income security system to guarantee citizens' retirement income.

The Pension Special Committee will discuss measures to stabilize pension finances and reform plans for the National, Basic, Retirement, and Private Pensions to ensure financial stability and secure retirement income.

The committee will consist of 13 members: 6 from the People Power Party, 6 from the Democratic Party, and 1 from a non-negotiating group, with the chairperson to be a member from the People Power Party.

The committee's term is until December 31 of this year but can be extended if necessary.

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