On the 24th, the student councils of nine major universities, including Yonsei University and Korea University, claimed that the national pension reform plan, which passed the National Assembly with bipartisan agreement, "places excessive burdens on the 2030 generation while restructuring to benefit those aged 50 and over relatively more."
The Korean National Student Council Joint Forum (hereinafter referred to as "Joint Forum") noted this during a press conference in the National Assembly's communication hall for the launch of "National University Student Council Joint Action in Response to National Pension Reform" in the afternoon. This organization comprises student councils from nine universities: Korea University, Sogang University, Yonsei University, Hankuk University of Foreign Studies, Daegu Gyeongbuk Institute of Science and Technology, Gwangju Institute of Science and Technology, Korea Advanced Institute of Science and Technology, Pohang University of Science and Technology, and Ulsan National Institute of Science and Technology.
Yang Hyeong-jin, president of the Yonsei University Student Council, who moderated the press conference, said, "This reform plan promotes the slogan of 'pay more, receive more,' but it does not consider the essence of a pension system where the generations that pay more and those that receive more are different," adding that it is necessary to listen to the voices of the generations suffering due to the reform, engage their participation, and go through the process of persuading them.
He further mentioned that "this reform plan has already deepened the youth generation's distrust in the pension system," claiming it is a reform plan that accelerates the phenomenon of 'Hell Joseon' and 'escape from Joseon.'
The Joint Forum and the National University Student Council plan to conduct a survey targeting undergraduate and graduate students at each university. The results will then be conveyed to each political party to ensure they can be reflected in the newly formulated pension reform plan.
Earlier, the National Assembly held a plenary session on the 20th and passed the national pension law amendment. The insurance premium rate, which is the 'money paid,' will be gradually increased from the current 9% to 13%, while the income replacement rate (the ratio of pension benefits to the average income during national pension membership) will rise from 41.5% to 43% based on this year. The basis for the state's pension benefit payments has been clarified, and credits for adding childbirth and military service to the national pension membership period have been expanded. Support for low-income groups has also been increased.
Although the national pension reform plan passed with bipartisan agreement, criticism emerged from political circles, particularly among lawmakers in their 30s and 40s. A group composed of People Power Party members Kim Yong-tae, Kim Jae-seop, Woo Jae-jun, Democratic Party of Korea members Lee So-young, Jang Cheol-min, Jeon Yong-ki, and Reformist Party members Lee Joo-young and Cheon Ha-ram, called "lawmakers demanding a better pension reform," held a press conference in the National Assembly on the morning of the 23rd, stating they oppose it, saying, "There is no minimum effort to persuade the youth generation."
Previously, the government included in its pension reform proposal submitted to the National Assembly that, even if the insurance premium rate increases, it would differentiate the rate of increase every 10 years to reduce the disadvantages for the youth generation. The Korea Development Institute (KDI) also suggested measures to make the national pension less favorable for the current and future generations. However, such measures were removed during the National Assembly's deliberation process.
The People Power Party aims to quickly push for structural reforms that change the framework of the pension system in the National Assembly's pension special committee. Key issues include introducing an 'automatic adjustment mechanism' that could reduce the actual pension amounts received by retired generations depending on population and economic conditions.