President Moon Jae-in's constitutional amendment plan calls for a four-year, two-term presidency system.
The final part of his administration's amendment bill, announced on Thursday, also includes plans to reduce presidential power and reform the election and judicial systems.
Hwang Hojun reports.

If the government's proposed revision to the Constitution is ultimately approved, South Korea will see a major change in role of the President, the length of his or her term in office, and a shift in the balance of power between the branches of government.

"Now is the time to implement a four year, two-term presidential system to bring about responsibility in politics and the stable management of state affairs. This is the will of the people."

Thirty years ago, when the South Korean Constitution was last amended in 1987, the President's term of office was limited to five years with no possibility of reelection.
That stipulation was put in as South Korea came out of a long period of military dictatorship.
But today, the Blue House stressed that times are different now, as exemplified by the so-called "candlelight revolution" and its culmination last year.
The Moon administration said that the Korean people are way ahead of the nation's politicians when it comes to the ability to practice democracy, and so it's proposing a four-year, two-term presidency.
However, the Blue House emphasized that the new system will be applied starting with President Moon Jae-in's successor; the government's proposal stipulates that Moon's term will end, as currently scheduled, on May 9th, 2022.
If the new system is adopted, the number of national elections taking place during a single Presidency will change as well.
Currently, the national leader's five years in office start with the Presidential election, which is then followed by a local election and a general election.
The government's proposal will have the Presidential and local elections take place concurrently, starting four years from now,... the general election serving as a mid-term evaluation.

However, the ability of the president to serve a second term if reelected doesn't necessarily mean more power to the executive.
In fact, the government's amendment would significantly curtail presidential power.
For example, as of now, the Constitution gives both the executive and the legislature the authority to introduce bills.
That would change -- the government's poposal gives more authority over legislation to the National Assembly. The President will still be able to submit a bill... but only with the consent of ten or more lawmakers.
Also, the government's bill seeks to change the president's formal, international role. The president will no longer be called the Head of State, but rather a representative of the state to foreign nations.

The government included those changes to respond to a public outcry over the high concentration of power in the presidency... and the corruption see