The national pension system was introduced in 1988 and has been stagnant after two major reforms in 1998 and 2007. Although parametric improvement measures are being discussed through fiscal calculation implemented every five years, reform is stagnant...
The national pension system was introduced in 1988 and has been stagnant after two major reforms in 1998 and 2007. Although parametric improvement measures are being discussed through fiscal calculation implemented every five years, reform is stagnant because an agreement has rarely been reached. The main cause of the conflict is the confrontation between the supporters who advocate thelong-term financial stability or the old-age income security. The new government (Yoon Seok-yeol administration) established a special pension committee in the National Assembly in 2022 to promote reform, but it is in a stalemate to draw up a reform plan. In the light of past experiences, pension reform could not be solved with theoretical and ideological justification, and rather it is inevitable to reach a consensus in the appropriate line through political competition and compromise. This paper attempted to find an appropriate compromise by examining the process of pension reforms so far from a political and economic point of view.