South Korean President Urges Major Pension and Healthcare Reforms

South Korea's President Yoon Suk Yeol pledges urgent reforms to national pension fund and healthcare system. Amid low confidence and sustainability concerns in pension schemes, Yoon emphasizes generational equity and support. He also targets healthcare improvements, despite pushback from medical professionals. Economic stability and security policies were also highlighted.

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 in assets, to make it more equitable and to ensure income security for an aging population.

Yoon highlighted a loss of confidence in the pension system across generations and stressed the need for fundamental and sustainable reform to restore trust among retirees. He emphasized that contributions must be increased and differentiated between age groups for equity.

Additionally, Yoon addressed healthcare reforms, aiming to improve medical care quality in key disciplines and regions outside large cities. Despite opposition from medical professionals, substantial investment is planned. The President also discussed economic stability, security cooperation, and concerns about an overheating housing market.

(With inputs from agencies.)