Yoon Calls for National Pension Reform in South Korea

South Korean President Yoon Suk Yeol has called for urgent reforms to the national pension fund, emphasizing the need for a system that is equitable across generations and can ensure income security for an ageing population. During a televised briefing, Yoon acknowledged the loss of confidence in the current system, which is projected to be depleted by 2055, and proposed increasing contributions while differentiating them by age group. He stated the importance of restoring trust among both the elderly and the youth, who feel disillusioned with the existing pension structure. Alongside pension reforms, Yoon announced significant healthcare reforms aimed at improving medical services outside of large cities. However, his plans to increase the number of new medical students have faced strong opposition from doctors, resulting in strikes earlier this year. The president's push for reform comes after years of stagnation on the pension issue due to conflicting views on potential solutions.