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In a sweeping attack on its legislative backlog, the National Assembly approved no fewer than 52 sometimes controversial bills on Tuesday. They included revisions of the National Pension Act, a basic pension bill for the elderly, a local tax act, and a bill on the combined capital market. The new national pension scheme, pushed since 2003 and to take effect next year, envisages maintaining the current rate of contributions while cutting payouts.
The Grand National Party and the Uri Party also thrashed out an agreement to pass a bill establishing U.S.-style law schools and a revision of the Private School Law that has been bogged down in controversy for a year and a half.
GNP floor leader Kim Hyeong-o, Uri floor leader Chang Young-dal and Democratic Party floor leader Kang Bong-kyun agreed to pass the two stalled education bills in a meeting the same day. The private school bill would allow the school council and board of directors to recommend half of the directors each, with quorum set at an odd number of five or more and the spare member recommended by the council. However, in private schools run by religious foundations, the board recommends the bigger proportion. The law school act will introduce law schools next year and allow only law school graduates to take the bar exam.
The new pension law maintains contributions at the current 9 percent of salary but reduces the payout from the current 60 percent of the average income to 40 percent by 2028, based on 40 years of contributions. The revised law on basic welfare for the elderly will boost the ratio of beneficiaries from the current 60 percent of elderly people to 70 percent, and increase payouts from 5 percent of the average monthly income --about W90,000 (US$1=W938) -- to 10 percent by 2028.
The National Assembly also cleared a combined capital market bill that permits companies in one field to operate in another, such as securities businesses in asset management.
(englishnews@chosun.com )
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