Where S. Korea's pension system stands and why Yoon's reform is a hard task

윤대통령의 연금개혁 배경은? 현재 연금시스템과 개혁의 의미
We have our Presidential Office Correspondent Kim Do-yeon with us to discuss the policy briefing further.
First why is the pension reform significant?
First, as we saw from Soo-young's report, the national pension fund will run out of money in 2055 and President Yoon wants to reform the whole system.
As President Yoon said earlier past administrations may have avoided this because it's a sensitive issue that could take away votes for politicians, but President Yoon has been adamant.
Take a listen.
Now, there will be another proposal for the National Assembly as this will require changing the law.
And, he's going to have to work with the opposition-led National Assembly.
It's also an extremely hard task.
South Korea's pension system started in 1988 and since its start, there only have been two big reforms.
Once in 1998, then in 2007.
So for around 17 years the system has been the same.
Now, could you give us more context? This has been an issue for a while, and where does the pension system stand now?
Right now, the contribution for workers in South Korea stands at 9-percent and the gross pension replacement rate or the money you'll get back at the end will continue to decrease until 40-percent.
On top of this with the retirement age slowly rising starting 2033 people over 65 will start receiving their pensions as opposed to the current 63.
For this, between older and younger generations, there are differing opinions, and that is why President Yoon spoke of different paces in increasing the contributions of people in different age groups.
Now, last year at the National Assembly there was a special committee on pension reform and the members agreed to increase the contribution to 13-percent but the replacement rate was not agreed by the members and the 21st National Assembly wrapped up.
Now, let's go to other reforms as well.
It seems like President Yoon is fixated on the increase in medical student enrollment and wants to push further with the medical reform.
For the medical reform, enrollment is going according to plan according to President Yoon.
He also said the whole structure will change for tertiary hospitals, which have been overly dependent on resident doctors.
He's looking to change it so that specialists and clinical support nurses become the core of medical services from now on.
Now, anything significant on the diplomatic and security front?
There wasn't much focus on the diplomacy side but he took time to further explain his "August 15 Unification Doctrine."
He said it's based on the nation's constitution of peaceful unification and the doctrine was to make a consistent effort towards it.
He also touched on the upcoming U.S. election where he reaffirmed that what he's achieved with U.S. President Joe Biden has been documented with it effective even under a new president.
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2024-08-29, 18:00 (KST)