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Acting president Choi urges swift pension reforms to tackle aging population

Published: 11 Feb. 2025, 09:41

Acting President Choi Sang-mok speaks during a Cabinet meeting on Feb. 11. [YONHAP]

Acting President Choi Sang-mok on Tuesday called for the swift implementation of major reforms to the national pension system to address 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.

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 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.

On other matters, 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 the central city of Daejeon before inflicting stab wounds on herself.

"The Ministry of Education and relevant authorities must conduct a thorough investigation into the case and implement necessary measures to ensure such incidents never happen again," Choi said.

Yonhap