Ministry of Health and Welfare "This year is the golden time for pension reform...We need to create a discussion body for the National Assembly."

The Ministry of Health and Welfare said this year is the golden time for national pension reform and will actively participate in parliamentary discussions on pension reform.

In September, the Ministry of Health and Welfare announced a national pension reform plan that will keep the premium rate at 13% from the current 9% and the income replacement rate, which will fall to 40% in 2028, at 42% this year.

However, it is unclear whether pension reforms will take place within this year as the ruling and opposition parties have failed to narrow their differences on strengthening income security and fiscal stability despite the government's preparation.

Lee Ki-il, the first vice minister of welfare, said he hopes a discussion body will be created in the National Assembly as soon as possible, and that he will follow up quickly through the revision of the law when the results of the discussions come out.