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President Park urges reform of public official pension system

President Park urges reform of public official pension system

Posted October. 29, 2014 05:27,   


Regarding the reform of pension system for public officials, President Park Geun-hye said on Tuesday, “All the government resources must be focused for the pension reform as a part of the nation-wide innovation. Please gather all your strengths to complete reform by the end of this year.”

President Park said at a Cabinet meeting on the same day, “Forecasts have been made almost 20 years ago that the pension system for civil servants would have serious financial deficit since the current system is not sustainable. However, fundamental measures have been postponed and now we are here.” President Park emphasized, “If we do not reform the pension system and postpone it again, debt from the public servant pension system would accumulate to 484 trillion won (461.2 billion U.S. dollars) in the future. That means debt of 9.45 million won (9,006 dollars) per capita. It will be a huge burden for the future generations and such debt would give serious impact to the national finance."

“I am well aware that the pension reform requires the public officials, who have devoted themselves to the nation, to sacrifice once again. However, if the reform is delayed, the burden will grow as much as it is delayed. It will be getting harder to maintain the current system,” the president added.

Regarding the defense industry corruption issue, President Park said, “Corruptive connections between the military and some private businesses have been recently revealed. As circumstances related to corruptions are made public, the public lost trust on the military as if the defense industry is all corrupted. Still, it is fortunate that we can have a surgery to remove the rotten parts as the corruptions are disclosed.”