Main opposition Democratic Party of Korea Chairman Rep. Lee Jae-myung, left, speaks during a Supreme Council meeting at the National Assembly in Yeouido, Seoul, Friday. Yonhap

Reforming Korea's pension system reemerged as a political hot potato after the head of the majority-holding main opposition Democratic Party of Korea (DPK) abruptly urged the 21st National Assembly to pass a reform plan within its current term, which will end on Wednesday.

Rep. Lee Jae-myung, chairman of the DPK, called for a meeting with President Yoon Suk Yeol to discuss the issue and reach an agreement regarding the differences between the reform plans of the two main parties. In response. the presidential office said the 22nd Assembly should address the issue, essentially refusing the request for the meeting.

Pension reform has been one of Yoon's pledges as the country's national pension fund is feared to deplete sooner than expected. But the DPK and the ruling People Power Party (PPP) have been butting heads over the desirable premium rate and income replacement rate.

The income replacement rate is a percentage indicating how much of a worker's pre-retirement income is replaced by the amount of money the worker gets paid after retirement. For example, if a worker earned an average of $1,000 per month before retirement, a 45 percent replacement rate means that the worker will be paid $450 per month after retirement.

After several rounds of negotiations, Korea's two main rival parties agreed on a 13 percent premium rate, but failed to narrow their differences on the income replacement rate, as the PPP backed a 43 percent rate while the DPK persisted with a 45 percent rate.

During a press conference on May 9, Yoon said it would be difficult for the current Assembly to reach an agreement and that discussions will need to continue in the upcoming 22nd Assembly.

However, the debate reemerged after the DPK chairman on Thursday abruptly proposed an official meeting with the president on the issue, saying the government has also proposed a 45 percent replacement rate, which matches the DPK's proposal.

He also said during a party meeting, Friday, "Whether the president would meet the heads of rival parties or have a one-on-one discussion with me, pension reform must be addressed by any means."

Lee continued that Rep. Yoo Gyeong-joon, head of the PPP's pension reform committee, officially proposed a 44 percent rate, so there is only a 1 percentage point difference between the two main parties' proposals.

People Power Party floor leader Rep. Choo Kyung-ho speaks during a party meeting at the National Assembly in Seoul, Friday. Yonhap

However, the ruling party flatly refuted Lee's claims.

"The 13 percent premium rate and 45 percent income replacement are numbers that the DPK desires, not the plan of the government nor the PPP," PPP floor leader Rep. Choo Kyung-ho said during a party meeting, Friday.

PPP spokesperson Rep. Jang Dong-hyeok also said, "There's only a few days left for the 21st Assembly. It is impossible to arrange a meeting between Yoon and Lee, make an agreement between rival parties, and hold a special committee and a plenary session within that period."

While the DPK is saying Lee's remarks were not coordinated with the rest of the party leadership, the PPP suspects that Lee is abruptly pushing for pension reform merely for the political purpose of styling himself as making a compromise on behalf of the people.

"Stop the hypocrisy of pretending to serve the public by using an issue that was not even agreed upon by both parties," Choo said.

PPP Rep. Jeong Jeom-sig also said, "Lee's reference to an official meeting with the president is a display of his intent to manipulate public sentiment in favor of them, not to reform pensions."

President Yoon Suk Yeol listens to Democratic Party of Korea Chairman Rep. Lee Jae-myung during their meeting at Yoon's office in Yongsan District, Seoul, April 29. Yonhap

Political analysts also view that Lee has nothing to lose by proposing the issue of pension reform because Yoon's refusal to meet will provide a pretext for the DPK to blame him, whereas any progress in pension reform talks between the two main parties would mainly benefit Lee.

Lee's chief of staff, Rep. Cheon Jun-ho, told reporters Friday that the presidential office made "a de facto rejection of Lee's proposal for a meeting on pensions" by saying "it is inappropriate for the president to talk before the main rival parties reach an agreement."