South Korean President Yoon Suk-yeol unveiled plans on Thursday to reform the national pension system, proposing differential premium increase rates for younger and middle-aged generations. Yoon stressed the need to legislate state guarantees for pension payments and introduced measures to enhance the system’s financial stability, including adjusting contribution rates, boosting fund returns and implementing automatic stabilization mechanisms.

Yoon also outlined additional reforms in the healthcare, education and labor sectors. He addressed medical reform by proposing a shift in tertiary hospital structures to rely more on specialist doctors and physician assistants. Yoon also emphasized labor market flexibility and pledged to expand workers’ options for flexible work arrangements. The president urged the National Assembly to promptly establish discussions for implementing these reforms through legal amendments.