The government has finalized its plan to reform the deficit-ridden pension plans for government workers. The proposal came three months after the ruling Saenuri Party unveiled its own plan.

Overall, the key elements of the two proposals are not much different. Pensioners would contribute more and receive less, start to receive payouts in later years than now and be required to subscribe to the schemes longer.

One of the notable differences is that the government proposal toughened the rule on halting pension payouts for those who get high-paid jobs after retirement. Currently, those who have separate incomes get 50 percent of their pension payouts, and the ruling party plan called for suspending all payouts if pensioners hold public posts or elected offices. The Government proposal added private-sector positions to the list.

The reform, while painful for civil servants, is inevitable because of the snowballing deficits that undermine fiscal health. The pension schemes for government workers, which were introduced in 1960, have relied on taxpayer money to make up for its deficit since 1993. The shortfall is estimated to reach 8 trillion won ($7.3 billion) in 2017 unless action is taken.

With the deficit growing by the day, we can no longer afford to delay the reform. President Park Geun-hye and the ruling party should not let up their push.

What causes concern is the attitude of the main opposition New Politics Alliance for Democracy. It agreed in December to complete the reform by early May. Under the agreement, the rival parties launched a special parliamentary committee and a pan-national panel early last month.

The two panels, however, have made little progress, which raises doubts about the parties’ commitment to finish reform legislations by the deadline. It is hard to understand that the NPAD has not even prepared its own reform proposal yet.

The opposition party elected its new leadership Sunday, and one of its first jobs should be drawing up the party’s proposal on the pension reform and putting them on the table along with the proposals of the government and the ruling party.

If not, the reform drive may lose steam and they could miss the deadline, which may derail the reform itself ― which is exactly what has happened several times in the past.

Whether or not the government and political parties succeed in the pension reform is important because it will also set the stage for reforms of the other two major pension schemes ― for teachers and veterans ― and the all-important overhaul of key sectors like the labor market.