On the 20th, People Power Party lawmaker Ahn Cheol-soo assessed the agreement between the ruling and opposition parties on the National Pension reform plan, saying, "This agreement is merely a hurried patch-up of an unpopular reform before the potential presidential election."

Representative Ahn Cheol-soo of the People Power Party (joint coverage) /Courtesy of News1

Lawmaker Ahn wrote on his Facebook that "although it is said to be a reform after 18 years, the content itself is quite disappointing."

Earlier, the ruling and opposition parties reached a swift agreement on the National Pension reform parameters, with a contribution rate of 13% and an income replacement rate of 43%. If passed in the National Assembly, this will mark the first pension reform in 18 years since 2007.

Ahn pointed out that "simply adjusting the contribution rate to 13% and the income replacement rate to 43% will only delay the depletion of the pension by a mere 9 years," and "if the fundamental issues are not resolved, it cannot be called a reform, and we will inevitably have to discuss pension reform again soon."

He remarked, "This is truly a case of regret and a dereliction of duty by the National Assembly," adding, "It is no different from the agreement made by the 21st National Assembly, during which time the debt has increased by 80 billion won each day for a year."

He expressed regret over how "our politics is so passive towards structural reforms for the future," stating, "This reform should not be the end but rather the beginning." He continued, "However, given that it was a hard-won agreement between the ruling and opposition parties, I will not cast a negative vote in the plenary session," emphasizing that "the income replacement rate should be readjusted to 40%."

He also stated, "An automatic adjustment mechanism must be introduced, and the basic pension, retirement pensions, and personal pensions should be expanded to complement the National Pension," adding, "Reform of the three major occupational pensions should also begin. I hope that a pension reform that is not shameful for future generations will be completed in the 22nd National Assembly."