In his third policy address at the National Assembly since taking office, South Korean President Yoon Suk-yeol mentioned the need for “structural reform across our economy and society to facilitate sustainable growth” while asking both the ruling and opposition parties to support his agenda of reform in the three areas of pension, labor and education.

Yoon said he would “do his best to support” reform for the national pension scheme without providing any specifics about the contribution rate or replacement rate. In a speech that lasted around 27 minutes, Yoon mentioned the “economy” and the “people” 22 times each while also frequently referencing “budget” (15 times), “reform” (14 times), “fiscal” (13 times), “growth” (10 times) and “public livelihood” (9 times).

In his address for the government’s 2024 budget at the National Assembly on Tuesday, Yoon said, “My administration has worked hard on three areas of reform for the future of our country and for future generations, and we have been particularly diligent in preparing for pension reform.”

“The massive amount of data we’ve acquired through these means will be indispensable for structural reform of the pension system, including parametric reform of the national pension scheme,” Yoon said, describing a process that involved meetings with experts, in-depth interviews with different sections of society, and public opinion polls.

“The government will actively take part in bipartisan discussion with the National Assembly until a pension reform plan is codified in law,” the president added.

In regard to labor reform, Yoon asked for “both labor and management to come together in labor reform to build a future for the country and our young people,” while mentioning a recent decision by the country’s two major umbrella unions to make their accounting information public.

As for the third area of educational reform, Yoon said he has made progress toward breaking up the private education “cartel” and revising four laws to reinforce teachers’ authority in the classroom.

Yoon also voiced his determination to strengthen the basic functions of the state.

“The funds we have raised through adjustments to 23 trillion won in government expenditure will be invested in strengthening the basic government functions of national defense, rule of law, education and public health, protecting the vulnerable, and securing drives for future growth,” Yoon said, promising to reorient the police on public safety to enable random crimes to be quickly dealt with, to push for construction and repairs of waterway infrastructure to minimize flood damage, and to bring wages for military personnel up to 2.05 million won by 2025.

In the area of diplomacy, Yoon said, “We upgraded our alliance with the US on its 70th anniversary this year into a global comprehensive strategic alliance covering the areas of national security, economy, cutting-edge technology, information and culture. We’re responding to the global supply chain crisis by carefully implementing cooperative mechanisms with the US in the area of economic security, which will further reinforce our crisis management capabilities,” the president predicted.

Another accomplishment that Yoon highlighted was “the establishment of a system of security and economic cooperation with the US and Japan.”

In regard to Korea-Japan relations, Yoon said he is “eager for mutual friendship and exchange between our two peoples”; as for Korea’s relations with China, Yoon stressed he would “continue reciprocal cooperation.”

While Yoon asked the National Assembly to help him carry out the governing priorities reflected in the budget bill for next year, his address did not seem to contain any specific calls for unity or cooperative governance. The presidential office has not responded to a proposal from the main opposition Democratic Party for Yoon to meet with the leaders of the ruling and opposition parties.

Following the address, Yoon spoke with the chairs of permanent committees in the National Assembly over lunch, which some hope will be the beginning of a sincere attempt to arrange more political dialogue.

“I think it’s unfortunate that Yoon didn’t stake out a definite position on the role of the government and its fiscal resources to support the working class, disadvantaged groups and the collapsing middle class,” said Hong Ihk-pyo, the Democratic Party’s floor leader.

“Yoon basically said that he will stick with his high-handed approach to running the country without making any mention of reshuffling his advisors or trying to better communicate and cooperate with his political opposition,” said Kim Hui-seo, a senior spokesperson for the Justice Party.

By Kim Mi-na, staff reporter

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