South Korean President Calls for Pension Fund Reforms

South Korean President Yoon Suk Yeol emphasized the need for reforming the national pension fund to ensure it is more equitable and sustainable. He said the system lacks trust from both the elderly and youth and requires fundamental changes. The current public pension fund may be depleted by 2055.

South Korean President Yoon Suk Yeol on Thursday announced the urgent need for reforms to the national pension fund, aiming to make it more equitable across generations and ensure income security for an ageing populace.

Addressing a televised briefing, Yoon acknowledged the loss of confidence in the pension system and stressed the need for fundamental, sustainable reforms. He highlighted the discontent among both the elderly and the youth, stating, "Now is the time to fundamentally reform the national pension system that has the confidence of neither the elderly nor the youth."

In addition to pension reforms, Yoon revealed plans for ambitious healthcare reforms focused on enhancing the quality of medical care, particularly in regions outside major cities.

(With inputs from agencies.)