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.
According to Yonhap News Agency, Choi highlighted the urgency of the situation during a Cabinet meeting, stating, "Responding to the demographic crisis is no longer a future task but is an immediate challenge we must face." He expressed concerns about the financial stability of the National Pension Service, warning that the fund could be depleted by 2057 if current contribution and expenditure rates remain unchanged.
Choi stressed the necessity of a social consensus on pension contributions, saying, "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." In September, the government proposed increasing the pension contribution rate from 9 percent to 13 percent, with adjustments based on age groups. This proposal is currently under review by the National Assembly.
Choi urged political parties to reach an agreement promptly and announced plans to convene an emergency meeting on demographic issues. He emphasized that the government will thoroughly assess the situation and implement necessary measures swiftly.
In December, the government declared South Korea a "super-aged" society, with 10.24 million people aged 65 and older, accounting for 20 percent of the country's total population of 51.22 million. The United Nations classifies societies with more than 20 percent of the population aged 65 and older as super-aged.
On another note, Choi expressed deep concerns over the tragic stabbing death of an 8-year-old student and called for a thorough investigation into the incident. On Monday, a female teacher in her 40s allegedly stabbed the student at an elementary school in Daejeon before inflicting stab wounds on herself. Choi urged the Ministry of Education and relevant authorities to conduct a comprehensive investigation and implement measures to prevent similar incidents in the future.