The National Assembly passed a motion to establish the National Assembly Pension Reform Special Committee in a plenary session on the 20th.

Kweon Seong-dong, the floor leader of the People Power Party, is announcing the agreement on pension reform at the National Assembly in Yeouido, Seoul, on Nov. 20. From left are Park Hyung-soo, the chief deputy floor leader, Kweon, the floor leader, Woo Won-sik, the chairman, Park Chan-dae, the floor leader of the Democratic Party, and Park Sung-jun, the chief deputy floor leader. /Courtesy of News1

The ruling party and the second-largest party, People Power Party and Democratic Party, previously reached an agreement on the pension reform proposal during a meeting chaired by National Assembly Speaker Woo Won-sik on the same day, agreeing that discussions on structural reforms would take place in the National Assembly Pension Reform Special Committee.

The special committee plans to discuss reform measures, including financial stabilization measures (automatic stabilization devices) and reforms concerning the national, basic, retirement, and personal pensions, with the goal of ensuring pension financial stability and income security in old age. To this end, while granting legislative review rights, it was agreed that the agenda would be handled with bipartisan consent.

The committee will be composed of 13 members: 6 from the People Power Party, 6 from the Democratic Party, and 1 from a non-negotiating group, with the chairperson being from the People Power Party. The deadline for their activities is set for Dec. 31 of this year, but it can be extended if necessary.