Seoul: Acting President Choi Sang-mok on Tuesday called for the swift implementation of major reforms to the national pension system to address South Korea's rapidly aging population, emphasizing the need for bipartisan agreement. "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.
According to Yonhap News Agency, 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.
He also announced plans to convene an emergency meeting on demographic issues, saying the government will thoroughly assess the situation and swiftly implement necessary measures. In December, the government announced that South Korea has formally become a "super-aged" society, as the number of people aged 65 and older stood at 10.24 million, accounting for 20 percent of the country's total population of 51.22 million.
The United Nations classifies countries where more than 7 percent of the population is aged 65 years and older as an aging society, those with over 14 percent as an aged society, and those with more than 20 percent as a super-aged society.