Pension reform a must

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Pension reform a must

We have constantly emphasized that the national pension system needs serious reform. The reform should be implemented based on two major principles.

First, it should prevent the further drying out of the fund pool. Second, it should set the actual amount paid out after retirement at a reasonable level.

In order to achieve these two goals, one needs to extend the point at which payments become uniform. For example, someone earning 10 million won per month should pay more than someone paying 5 million won. Also, the reform should come up with measures to secure funds by raising the premiums people pay into the pension fund.

The former Roh Moo-hyun administration and the 17th National Assembly, fearing a public backlash, did not dare tackle national pension fund reform. But time is running out and fear is not a luxury we can afford at this point.

The Lee Myung-bak administration should not repeat the same mistake. In order to help the elderly population secure a comfortable post-retirement life and ease the financial burden on the younger generation, it is essential for us to begin a fundamental reform of the national pension fund, even at the cost of intense public criticism.

Reform of the national pension fund is one of the most important tasks we can undertake for the sake of our next generation.
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