After the National Policy Council meeting, the ruling party, opposition, and government will hold a working-level meeting on Thursday to discuss key issues, including parametric reforms to the National Pension System.

According to political sources, the meeting will include policy committee chairs from both parties, the National Assembly’s Health and Welfare Committee chair, party whips, and Health and Welfare Minister Cho Kyu Hong. It will take place immediately after the National Assembly’s plenary session to finalize reform proposals.

On Wednesday, floor leaders from both parties met with National Assembly Speaker Woo Won Sik. During the National Policy Council meeting on Friday, they agreed to conclude parametric reforms to the National Pension System and establish a special committee in the National Assembly to discuss structural reforms.

Both parties have agreed to raise the current insurance premium rate from 9% to 13%. However, they remain divided on the income replacement rate, which is currently 40%. The People Power Party supports increasing it to 42-43%, while the Democratic Party pushes for 44-45%, leaving a one-percentage-point gap unresolved.

The working-level meeting will focus on final negotiations between the ruling party, opposition, and government to resolve these differences. Meanwhile, Speaker Woo plans to present a mediation proposal to the floor leaders during the National Policy Council meeting on Friday to facilitate a swift agreement.

After the National Policy Council meeting, the ruling party, opposition, and government wi …

National Pension Debate: Will South Korea Finally Reach a Consensus?