South Korean President Pledges Urgent Pension Reform

South Korean President Yoon Suk Yeol announced urgent reforms for the national pension fund, emphasizing the need for increased contributions and equitable differentiation by age group. Additionally, he addressed various issues such as U.S.-North Korea relations, housing market concerns, and healthcare reforms. Opposition parties have yet to respond to his proposals.

South Korean President Yoon Suk Yeol on Thursday pledged urgent reform of the national pension fund, one of the world's largest with $860 billion of assets, to make it more equitable and ensure income security for an ageing population. Yoon said there had been a loss of confidence in the pension system across generations and there was a need for fundamental and sustainable reform to restore trust.

"Now is the time to fundamentally reform the national pension system that has the confidence of neither the elderly nor the youth," Yoon told a press conference. Yoon emphasized that contributions must increase to ensure the fund's sustainability, with differentiated rates for varying age groups to make it more fair.

In addition to pension reform, Yoon addressed other pressing issues, including U.S.-North Korea relations, housing market concerns, and healthcare reforms. Yoon's proposals, however, received no immediate response from the opposition Democratic Party, which controls parliament. Despite these challenges, Yoon continues to push for comprehensive changes amid mixed public support.

(With inputs from agencies.)