Acting South Korean President Choi Sang-mok has called for the swift implementation of major reforms to the national pension system to address Korea’s rapidly aging population, emphasizing the need for bipartisan agreement, Report informs via The Korea Times.
“Responding to the demographic crisis is no longer a future task but is an immediate challenge we must face,” Choi said while presiding over a Cabinet meeting.
Choi expressed concerns about the financial stability of the National Pension Service, insisting the fund could be depleted by 2057 if contributions and expenditures remain unchanged.
“To ensure the stable operation of the pension system without placing an excessive burden on anyone, a social consensus on paying more and receiving less is essential,” he said.
In September, the government proposed increasing the pension contribution rate from 9 percent to 13 percent, and adjusting the rate of increase based on age groups. The proposal is now pending review by the National Assembly.
“I urge the ruling and opposition parties to promptly reach an agreement,” he said.
