The National Assembly Special Committee on Pension Reform held its first meeting and questioned the government about the fiscal soundness of the National Pension. Lawmakers from both the ruling and opposition parties said in one voice that the government is not making efforts to prevent the depletion of the National Pension fund, noting that anxiety among the younger generation is growing.
The pension special committee held a plenary meeting at the National Assembly on the afternoon of the 30th and conducted a current-issues inquiry related to the pension reform plan. Before the questioning, it also received business reports from relevant ministries and agencies, including the Ministry of Economy and Finance, the Ministry of Employment and Labor, the Health and Welfare Committee, and the Financial Services Commission.
Kim Nam-hee, a lawmaker from the Democratic Party of Korea who asked the first question, said, "I think this pension special committee should actively discuss this part (fund depletion)," adding, "The government does not seem to be taking even the minimum steps to ease young people's anxiety. Rather, it seems to be amplifying young people's anxiety, which is regrettable."
She continued, "We need to understand the concern that pension reform could place a greater burden on future generations," emphasizing, "If an appropriate amount of state funds is injected into the National Pension, it will be possible to prevent depletion of the National Pension fund and ease the anxiety of the younger generation."
Kim Mi-ae, a People Power Party lawmaker who serves as the opposition secretary of the National Assembly Health and Welfare Committee, asked, "Since discussions on pension reform began, by how many years has the pension depletion date been moved up?" Minister Jeong Eun-kyeong of the Ministry of Health and Welfare answered, "2051." Kim then rebuked Minister Jeong, saying, "See? You don't know. It's 2056."
She went on, "Even today (the 30th), Minister Jeong said during her report that it was delayed to 2071. The criteria change from time to time," adding, "Submit the Lee Jae-myung administration's plan. It must be submitted as soon as possible."
Woo Jae-joon, a People Power Party lawmaker, also criticized, "What is the position of the Lee Jae-myung administration on pension reform? Among the 123 state tasks, there is not a single item (stating the Lee Jae-myung administration's position)," adding, "A single line, 'strengthening the role of national finances,' is all there is. I have no idea what they plan to do."
The pension special committee formed a private advisory committee. Park Myung-ho, a professor at Hongik University, and Joo Eun-seon, a professor at Kyonggi University, were appointed as co-chairs. The advisory committee will consist of 22 experts and is scheduled to begin activities next month.