SEOUL, SOUTH KOREA – President Yoon Suk Yeol is poised to unveil a comprehensive pension reform plan this week, aimed at addressing intergenerational fairness and ensuring the system’s long-term sustainability, his chief of staff Chung Jin-suk announced on Sunday.
According to Yonhap News Agency, the reform is designed to alleviate financial pressures on younger generations while asking older generations to contribute more. The plan will particularly focus on expanding benefits for conscripts and mothers, a move that aligns with the government’s strategy to lessen the economic challenges faced by individuals in their 20s and 30s. These changes are part of a broader vision to enhance state policies related to the country’s long-term prospects, which President Yoon will detail in a state affairs briefing later this week.
The proposal also includes measures to secure the pension system’s future by adjusting payments and allowances when funds are at risk of depletion. This announcement follows a high-level policy consultation with the ruling People Power Party and precedes a key parliamentary house steering committee meeting scheduled for Tuesday.
Further details of the pension reform will be released by the health ministry early next month, following President Yoon’s briefing. In addition to pension changes, Yoon is expected to address necessary reforms in education and labor. These include extending education hours at elementary schools and increasing support for temporary workers and those outside of labor unions. Medical reform will also be discussed, with a focus on directing major hospitals to prioritize critical patients and bolstering support for healthcare workers in essential areas.