Ruling and opposition parties agreed to process the 'insurance premium rate (the money paid) 13% · income replacement rate (the money received) 43%' reform proposal in the Health and Welfare Committee of the National Assembly, according to reports, and Kim Sang-hoon, chair of the Policy Committee of the People Power Party, noted on the 18th that 'the formation of the Pension Reform Special Committee must be prior.'

Kim Sang-hoon, the chairman of the Policy Committee of the People Power Party (right), and Kim Mi-ae, the secretary of the National Assembly's Health and Welfare Committee, express their position on handling the reform of the pension system at the Welfare Committee after forming the Special Committee on Pensions in the National Assembly in Yeouido, Seoul, on Nov. 18. /Courtesy of News1

Chairman Kim held a briefing on current issues in the National Assembly in Yeouido, Seoul, that afternoon and made this statement. Kim Mi-ae, a member of the ruling party and secretary of the Health and Welfare Committee, was also present.

Chairman Kim stated, 'The formation of the Pension Special Committee has traditionally been based on consensus processing,' and added, 'I was surprised to hear that the Democratic Party wanted to remove the phrase 'consensus processing' this time.' He emphasized, 'When the ruling and opposition parties initially agreed on the reform proposal, we decided to form the Pension Special Committee to discuss whether we could reform automatic adjustment mechanisms and consolidate the four major pensions.'

Earlier, the ruling and opposition parties provisionally agreed in a meeting of the floor leaders from both parties that morning to process the reform proposal of 'insurance premium rate 13%·income replacement rate 41%' in the Welfare Committee, which is a pillar of pension reform. However, they have not narrowed their differences regarding whether to include the phrase 'ruling and opposition party consensus processing' in the proposal for the formation of the Pension Special Committee, which will discuss structural reform.

He explained, 'There has never been a case where the phrase 'the agenda will be processed by consensus in the National Assembly's special committee' was omitted, but this time, is it implying unilateral processing by suggesting removing the phrase in the Pension Special Committee? I have raised an objection to the opposition party.'

He added, 'The assumption that the agenda will be processed by consensus in the Pension Special Committee must come first, and only then can the Welfare Committee handle the reform agreement. We just need to agree to include the text that states the agenda will be processed by consensus.'

Representative Kim also stated, 'The formation of the National Assembly Pension Special Committee must precede the processing of the reform proposal in the Welfare Committee,' and noted, 'The introduction of the promised automatic adjustment mechanisms, public pensions, individual pensions, etc., must be discussed again in the Pension Special Committee.'