Bipartisan agreement reached for pension reform but another unilateral special probe bill for first lady

Meanwhile at the parliament.

A bill to overhaul Korea's pension system secured bipartisan approval at a plenary session this afternoon.

The gist of the new plan is pay more to get more.

I have our correspondent Kim Do-yeon live on the line with more.

Do-yeon, welcome.

Let's begin with the significance of this latest event.

That's right, Sun-hee, it's significant in that this is a reform to the nation's pension system, a sensitive issue that requires agreements across the aisle, generations, and working classes but something that needs to be done as the fund will be depleted due to the aging population and the low birth rate.

This also comes as the nation's political scene has only been seeing strong stand-offs.

First, take a listen to what the speaker of the National Assembly had to say.

"At a time of heightened tension and deep conflict, it was truly a valuable process for both the ruling and opposition parties to come together with a focus on the lives of the people. I believe this is a significant matter that will be greatly recorded in our political and social history."

Now to be specific, the current insurance premium stands at 9 percent and it will be raised by 0.5 percent annually for the next eight years to reach 13 percent.

That means that the portion from people's paychecks will be bigger but starting next year the money you receive after retiring will be at 43 percent.

According to the current standing pension system the return rate was at 41.5 percent this year but was gradually getting lower with the goal of 40 percent by 2028.

The credit system has also been expanded.

Credit means additional months added to the insured period for specific people.

Those who served mandatory military service will now receive 12 additional months in their pension credit instead of 6.

Women who give birth will also receive credits.

For the first two children, it will be 12 months each while starting from the third child it'll be 18 months.

However, there are more things that need to be settled and that is why the two parties have agreed to kick off a special committee.

The current system according to the new plan pushed back the depletion of the fund by around 10 years until around 2055.

The Committee is set to tackle issues like this going forward.

Now despite consensus with regard to pension reform I hear lawmakers continued to clash over other matters?

That's right, Sun-hee. The main opposition Democratic Party of Korea is set to unilaterally pass another special probe bill against First Lady Kim Keon Hee.

The bill would kick off an investigation into the first lady and her allegations of stock meddling.

Such a bill had been passed unilaterally four times before and was vetoed three times by President Yoon Suk Yeol and once by then Acting President Han Duck-soo.

In addition, another special probe bill is likely to be passed unilaterally, a new one that would look into the allegations that some customs officers were involved in smuggling drugs into South Korea with the allegations pointing toward the top office.

That's all for now, back to you Sun-hee.

All right Do-yeon, thank you for the latest at the National Assembly.