"An Apology from a 60-Something Intellectual Who Paid 100 Million Won into the National Pension and Will Receive 400 Million Won Back"
- #국민연금법
The former President of the Korean Pension Association explained that the contribution rate must be raised to 22%—not 13%—in order to avoid passing the burden on to future generations under an income replacement rate of 44%. He characterized the proposal currently under discussion as "reform in name, deterioration in substance," and criticized it sharply, stating that "accepting this measure would make us historical accomplices."
He added: "Among our 586 generation, there are those who say, 'We supported our parents and our children alike, and we built the infrastructure—Incheon International Airport, the Gyeongbu Expressway—so do not resent us for receiving more pension benefits.' I am strongly opposed to that position."
It was also pointed out that intergenerational equity is severely undermined in Korea, which has the world's lowest fertility rate. Moreover, because future generations do not have voting rights, it is difficult at present to increase the burden on the current generation through pension reform that demands "contributing more and receiving less."
The former President of the Korean Pension Association explained: "With the fertility rate heading into the 0.6% range, the cohort of 200,000 births will have to support the cohort of 700,000 or one million births." He noted that "some experts who treat their own children, grandchildren, and granddaughters as precious are nonetheless asking why everyone else's children should be handed this 'debt bomb.'"
