Ruling Party Proposes Formation of National Assembly Pension Reform Special Committee... Emphasizes Simultaneous Pursuit of Parameter and Structural Reforms

On the 30th, the People Power Party announced its position on the Democratic Party of Korea's proposal for the 'prioritization of the National Pension parameter reform plan,' stating that a special committee on pension reform should be formed in the National Assembly to simultaneously pursue both parameter reform and structural reform.

Kwon Seong-dong, floor leader of the People Power Party, is speaking at the floor countermeasure meeting held at the National Assembly on the 24th. Photo by Kim Hyun-min

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At a press briefing at the National Assembly on the same day, Floor Leader Kwon Seong-dong emphasized, "We propose the immediate formation of a special committee on pension reform in the National Assembly and the start of focused discussions on pension reform," adding, "We are ready to put all options on the table and engage in negotiations within the special committee."

Earlier, Jin Seong-jun, the Policy Committee Chair of the Democratic Party, stated in a press release on the 28th, "The Democratic Party has repeatedly expressed its position in the Health and Welfare Committee to first reach an agreement on urgent parameter reform," and proposed, "If there is sincerity, let's complete the urgent parameter reform within February."

In response, Floor Leader Kwon said, "Completing parameter reform only delays the depletion of the pension fund by about 5 to 7 years," and argued, "By forming a special committee and proceeding with structural reform alongside parameter reform, we can create a sustainable pension system."

He also pointed out, "If the Democratic Party refuses the proposal to form the special committee again, the current discussions on pension reform will be nothing more than a 'second pension reform show,'" adding, "Unless it is a trick considering an early presidential election, there is absolutely no reason to reject our party's proposal to form a pension reform special committee."

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