S. Korea’s president to announce pension reforms

South Korea’s President Yoon Suk Yeol is set to unveil pension reforms this week to improve benefits for conscripts and mothers, reducing financial burdens on younger generations and ensuring the system’s sustainability, a source said on Sunday.

The pension reform plan aims to promote fairness among generations by reducing the financial burden on younger individuals and increasing contributions from older generations receiving pensions earlier than normal.

It also focuses on ensuring the system’s sustainability by adjusting payments when the fund is at risk of depletion and expanding benefits for conscripts and mothers to alleviate the financial strain on those in their 20s and 30s.

The health ministry is set to unveil a comprehensive plan for pension reform in early next month following Yoon’s briefing. This announcement is expected to come after a parliamentary house steering committee meeting on Tuesday.

Yoon will address the importance of ongoing education and labour reform, including offering extended schooling hours at elementary schools and enhancing assistance for temporary and non-unionised workers.

The briefing may cover medical reform measures, like directing major hospitals to prioritise critical patients and enhancing support for healthcare workers in key areas.

Attribution: Yonhap News Agency

Subediting: M. S. Salama