Page 7 - Zenith2024

| 1) Political Issues | 7

The South Korean political system is currently facing a challenge in addressing the issue of pension reform.
The national pension system will be completely depleted by 2055.
This has become a significant concern for Korean politics, as they strive to maintain the pension system for
future generations.
The situation is being exacerbated by the low birth rate and aging population in South Korea.

This is leading to fewer people paying into the pension system while the number of beneficiaries continues
to rise. The direction for pension reform is quite clear. Increase contributions and reduce benefits. However,
implementing this solution is extremely challenging. This is because younger generations must agree to
pay more into the system, even though the benefits they will receive in the future are uncertain, in order to
support the older generations who are currently receiving benefits.

As a result, pension reform has been dubbed a 'time bomb' for inter-generational conflict. Experts warn that
if pension reform is not prioritized, the elderly poverty rate will rise significantly, leading to a dismal future
for Korea.
President Yoon Suk-yeol has pledged to address pension reform.
One expert stated, "Now is the final golden opportunity to change the future. If we fail to reform the system
this time, the pension system could become a breeding ground for social conflict. “

Shin YeonSoo (1-8)
scarlet5066@naver.com