South Korea faces criticism over proposed basic pension reforms

The South Korean government is facing criticism over its proposed 2027 basic pension reform plan, which aims to restructure payments for the bottom 70% of seniors. The plan suggests increasing the monthly payment to 380,000 KRW for the lowest 30% income bracket, while freezing payments at 350,000 KRW for the 45% to 70% bracket.

Critics argue the reform lacks sufficient social discussion and fails to address the core issue of elderly poverty. South Korea currently holds the highest elderly poverty rate among OECD members at 35.9%. Experts have noted that while the goal is to provide more to the poorest, the actual impact on the middle-income elderly population may be minimal. The Ministry of Health and Welfare has been accused of rushing the process and failing to provide clear explanations regarding the changes to the original reform framework.