The Korea Herald

지나쌤

Park to meet with top ruling party officials

By KH디지털2

Published : Nov. 20, 2014 - 13:36

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President Park Geun-hye plans to meet with top officials of her ruling party Thursday to discuss pending issues in the parliament, Park's office said.

Park plans to exchange opinions with Kim Moo-sung, head of the ruling Saenuri Party, and two other officials on a set of bills on the budget and pension reform, as well as South Korea's free trade deals with foreign countries, according to the office.

The planned meeting at the presidential office came days after South Korea clinched free trade deals with China and New Zealand during Park's trip that took her to China, Myanmar and Australia for separate multilateral summits.

She has asked the parliament to ratify two separate free trade deals signed with Australia and Canada.

The planned meeting also comes amid outrage by civil servants over a bill meant to reform their pension system.

The ruling party has unveiled a set of measures to delay eligibility for public servants' pension to 65 from 60, starting in 2031, and to raise the proportion of contributions from 7 percent of income to 10 percent.

The case for pension reform has gained urgency as the increasing average life expectancy for Koreans could further deepen the pension deficit. The average life expectancy for Koreans stood at 81 in 2012, up nearly 30 years from 1960 when the pension system was first drawn up.

South Korea has faced the looming crisis as previous governments delayed addressing the issue of pensions for civil servants, despite being aware for decades that the current pension plan is not sustainable.

Meanwhile, the main opposition New Politics Alliance for Democracy rejected Park's invitation to the presidential office for talks. (Yonhap)