{"id":2205048,"date":"2024-05-10T08:00:56","date_gmt":"2024-05-09T23:00:56","guid":{"rendered":"https:\/\/koreapro.org\/?p=2205048"},"modified":"2024-05-09T17:33:27","modified_gmt":"2024-05-09T08:33:27","slug":"yoon-emphasizes-economic-growth-pension-in-first-press-meeting-in-21-months","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/05\/yoon-emphasizes-economic-growth-pension-in-first-press-meeting-in-21-months\/","title":{"rendered":"Yoon emphasizes economic growth, pension in first press meeting in 21 months"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korean President Yoon Suk-yeol marked his second anniversary in office with a <\/span><a href=\"https:\/\/www.president.go.kr\/president\/speeches\/yu4yLz4t\"><span style=\"font-weight: 400;\">keynote address<\/span><\/a><span style=\"font-weight: 400;\"> and press conference on Thursday. It was the first time he held a press conference in 21 months. Yoon acknowledged shortcomings in his administration\u2019s ability to improve citizens\u2019 livelihoods and pledged to focus on economic growth, job creation and citizen support.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Yoon defended his administration\u2019s economic policies, including easing real estate regulations and taxes, as necessary to restore market principles. He also addressed pending issues such as pension reform, medical reform and tax policies. Regarding foreign affairs, Yoon reaffirmed South Korea\u2019s commitment to supporting Ukraine and managing relations with Japan and Russia based on national interests.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Yoon\u2019s pledge to raise the basic pension payment level to $290 (400,000 won) within his term will likely garner support from pensioners and those nearing retirement. This could translate into increased backing for the ruling People Power Party. However, this move is expected to exacerbate the financial strain on the National Pension Service, which is <\/span><a href=\"https:\/\/koreapro.org\/2023\/04\/south-koreas-pension-fund-careens-toward-demographic-cliff\/\"><span style=\"font-weight: 400;\">projected<\/span><\/a><span style=\"font-weight: 400;\"> to deplete its funds by 2055 due to South Korea\u2019s aging and shrinking population.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Although Yoon reiterated his support for abolishing the financial investment income tax, the government may face challenges in pushing for its elimination. The ruling party lost the recent general elections, and the main opposition Democratic Party, which holds a majority in the National Assembly, has <\/span><a href=\"https:\/\/koreapro.org\/2024\/04\/yoon-suk-yeols-economic-agenda-faces-uncertainty-after-opposition-election-win\/\"><span style=\"font-weight: 400;\">opposed<\/span><\/a><span style=\"font-weight: 400;\"> the tax abolition. They argue that the tax would only affect a small portion of wealthy investors, making it difficult for the government to secure the necessary consent from the legislature.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/domestic-politics\/\"><span class=\"tag\">Domestic Politics<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>South Korean President Yoon Suk-yeol marked his second anniversary in office with a keynote address and press conference on Thursday. It was the first time he held a press conference in 21 months. Yoon acknowledged shortcomings in his administration\u2019s ability to improve citizens\u2019 livelihoods and pledged to focus on economic growth, job creation and citizen [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2205053,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,27],"class_list":["post-2205048","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-domestic-politics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Yoon emphasizes economic growth, pension in first press meeting in 21 months - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/05\/yoon-emphasizes-economic-growth-pension-in-first-press-meeting-in-21-months\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Yoon emphasizes economic growth, pension in first press meeting in 21 months - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korean President Yoon Suk-yeol marked his second anniversary in office with a keynote address and press conference on Thursday. 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