Representative Lee Jun-seok of the Reform Party strongly criticized the pension reform bill, which passed the National Assembly plenary session after an agreement between the ruling and opposition parties on the 21st, saying, "The National Assembly has made a decision that abuses and exploits future generations."

Lee Jun-seok, a member of the Reform Party, holds a press conference on pension reform proposals at the National Assembly's communication hall in Yeouido, Seoul, on Nov. 21 afternoon./Courtesy of News1
Lee Jun-seok, a member of the Reform Party, holds a press conference on pension reform proposals at the National Assembly's communication hall in Yeouido, Seoul, on Nov. 21 afternoon./Courtesy of News1

On the same day, Representative Lee noted in a press conference at the National Assembly that "certain generations will contribute for 5 to 6 more years and receive increased pensions, while children who are unaware will have to bear the increased rates for pensions that they may or may not receive 50 to 60 years later after attending daycare, kindergarten, and elementary school."

Earlier, on the 20th, the ruling and opposition parties reached an agreement on a national pension system reform that adjusts the 'insurance premium rate (the money paid) to 13% and the income replacement rate (the money received) to 43%.' This pension reform was implemented for the first time in 18 years since 2007 after passing the National Assembly plenary session.

Representative Lee asked, "Why are you deciding on the dinner menu we will eat?" adding that it is like an authoritarian boss at a workplace who, after allowing choices for a dinner gathering, insists on a predetermined option like pork belly. He continued, "It is short-sighted to play with numbers by paying 4% more, receiving 3% more, and delaying the pension depletion point by 9 years, and why did you decide all this arbitrarily while enjoying the benefits the most and bearing the least burden?"

Referring to Lee Jae-myung, the representative of the Democratic Party, who stated that "politicians did something worthy of praise for once," Representative Lee criticized this as "a comment demonstrating a significant lack of empathy".

Representative Lee pointed out, "If we only extend the pension depletion point like this, due to the nature of our politics, we will engage in endless disputes for the next 20 years without touching structural reforms, and eventually, after about 10 years, will have to adjust the parameters again, and ultimately, declare bankruptcy saying that there is no money to pay out."

He added, "I cannot participate in this hastily made agreement or predetermined pension collusion," explaining that "this is why all three members of the Reform Party voted against it."

Representative Lee stated, "We will use every means to nullify this hastily made agreement and ensure that the structural reforms proposed by the Reform Party become fundamental measures." He emphasized that measures like the introduction of an automatic pension adjustment mechanism, the Korea Development Institute's (KDI) proposal for separating old and new pensions, and various institutional devices to strengthen intergenerational equity must be introduced.

Furthermore, right after the press conference, he met with reporters and argued that Acting President Choi Sang-mok should exercise veto power over the pension reform bill. He stated, "While Acting President Choi has experience in the acting role, considering he is the head of the economic department, he should provide professional opinions," adding, "He must exercise veto power, that is our position."