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Presidential Chief of Staff Lim Kwang-hyun answers questions from reporters. /Yonhap

South Korea's presidential office is stepping up efforts to reduce living expenses and increase workers' real disposable income through a new task force dubbed the "Paycheck Protection Task Force."

Presidential Chief of Staff Lim Kwang-hyun emphasized the task force's full-scale operations while chairing a meeting of senior presidential secretaries and aides at Cheong Wa Dae on Monday, according to a written briefing by Deputy Presidential Spokesperson Ahn Gwi-ryeong.

Lim said he had ordered the establishment of the task force last week. 

In particular, Lim highlighted measures to strengthen the retirement pension system, including a phased requirement for employers to fund retirement benefits through external pension accounts beginning in 2028.

"These measures could help prevent unpaid retirement benefits and improve investment returns," he said. "We will work with the National Assembly to ensure that the relevant legislation is passed as soon as possible."

The government is also pursuing measures to ease eligibility requirements for the basic income tax deduction, raise the tax credit ceiling for monthly rent payments and expand the Earned Income Tax Credit (EITC).

Other measures included in next year's budget proposal are expanded public transportation fare refunds under the "Everyone's Card" program, full tuition support for children attending regional national universities, a higher government subsidy rate for childcare services and the establishment of a new savings fund for children, called the "Our Child Independence Fund."

Preparations are underway to implement these measures.

In this regard, Lim stressed, "We will do our utmost to ensure that the budget is passed on time."

Lim also raised concerns about opaque wedding pricing and said, "We will step up efforts to reduce wedding costs."

He added, "The livelihoods of working people are at the heart of people's everyday economic concerns."

"The Paycheck Protection Task Force will begin working in earnest to continuously identify and implement policies that reduce living expenses and increase workers' disposable income," he emphasized.

                                                                                                              Hong Sun-mi