• Korea Real Estate Review
• /
• v.28 no.3
• /
• pp.53-64
• /
• 2018

OECD countries have been stimulating private pensions instead of public pensions because the financial stability of public pensions has been threatened by the aging population. Korea, which has the fastest aging population in the world, has been following the recommended policies of major countries. Unlike major economies, however, most of Korea's household assets are composed of real estate assets. Due to the economic and social importance of real estate assets in Korea, the wealth effect of real estate has been used as a major tool in macroeconomic policy. This study analyzed the effect of real estate value changes on the contribution of private pensions (personal pension + retirement pension). Utilizing a two-way, fixed effect model with the balanced panel data of the National Survey of Tax and Benefit, empirical results presented that the private pension contribution increased by 0.171% when the value of real estate increased by 1%. Thus, real estate value changes were analyzed as positive for retirement preparation through private pension. These results suggested that if the real estate market would shrink in the future, consumption would decrease, and the degree of preparation for retirement might be smaller.

• 한국사회정책
• /
• v.25 no.3
• /
• pp.279-303
• /
• 2018

Since the introduction of the Riester Pension Scheme, the controversy has continued in the policy studies and the political debates. This study evaluates the achievements and limitations of the German Riester pension scheme and tries to derive policy implications for South Korea. As a result of the analysis, the most worthwhile achievement of the Riester Pension is to strengthen the role of the private pension schemes. Unlike other private pension schemes, it included a large part of lower income households. It also opened a new perspective of utilizing private pension schemes to accomplish the goals of the family policy. Despite these attainments, it does not reach the promised coverage rate. It also was revealed that the higher income households have concluded more Riester Pension Contracts than the targeted lower-income households. Due to high administration fee and incomplete information problems, benefit levels are supposed to be much lower than expected. It concludes, above all, despite some achievements, the Riester Pension Scheme will not fill completely the gap of old age income security caused by the reduction of the public pension system. The German case provides fruitful lessons for Korea. The introduction of a subsidized personal pension scheme in South Korea can be realized only when some prerequisites would be satisfied such as the consolidation and maturing of public pension schemes and the strengthening of the transparency in the private pension market.

• 한국노년학
• /
• v.36 no.3
• /
• pp.809-826
• /
• 2016

This study analyzed private pension dependency of Korea and U.S. households using the most recent dataset of two countries. For this purpose, 2013 Korean Retirement and Income Study(KReIS) of national pension research institute in Korea and 2013 SCF(Survey of Consumer Finances) of FRB in U.S. were used. The private pension dependency was defined as the proportion of private pension wealth among total financial wealth in each household and tobit model was used to investigate determinants of private pension dependency of the two countries. After controlling for other factors, household income and net worth, age, educational attainment, and health status of householder were crucial determinants of private pension dependency for both countries. Householder's age, educational attainment, and health tend to increase the private pension dependency in Korea and U.S. However, household income and net worth affected the private pension dependency opposite direction. The private pension dependency increased with high level of income and net worth in Korea, while it decreased with high level of income and net worth in U.S. Results of this study provide useful implications for future pension system and policy in Korea.

• Journal of Teachers' Pension
• /
• v.1
• /
• pp.91-127
• /
• 2016

노후의 경제적 안정이 사회적으로 강조되고 있는 상황에서 2015년 사립학교교직원연금법(사학연금법)이 연금지급개시 연령의 연장과 함께 부담률 인상 및 지급률의 인하를 주된 내용으로 개정되어 사립학교교직원연금(사학연금) 가입자의 소득공백기 발생과 전반적인 소득대체율 하락이 두드러진 문제로 나타나고 있다. 이와 같은 상황에서 사학연금 가입자가 재직 시 소득, 퇴직 시 자산 및 퇴직수당, 그리고 연금급부 등의 활용 가능한 재원을 통해 퇴직 후 소득의 안정을 이룰 수 있는 방안을 다양한 사적연금과의 연계 측면에서 살펴보았다. 한편 사립학교교직원연금공단(사학연금공단)의 업무범위가 법으로 정해져 있기 때문에 새롭거나 필요한 업무를 자유의사에 따라 추진할 수 없는 상황이다. 따라서 사학연금법에 제시되어 있는 사학연금공단 업무에 대한 전향적인 해석을 통해 사학연금 가입자에 대한 생애자산관리서비스의 제공 가능성에 대해서 살펴보았다. 생애자산관리서비스는 사학연금법의 개정으로 인해 가입자가 겪게 되는 소득공백기 및 소득 대체율 하락 문제를 보다 포괄적으로, 그리고 장기적인 관점에서 접근하여 궁극적으로는 퇴직 후 경제적 안정을 지원할 수 있는 방안이라고 판단된다.

• Korean Journal of Social Welfare
• /
• v.62 no.2
• /
• pp.329-348
• /
• 2010

Following the welfare state typology well known, the typology in terms of individual system in welfare state has been widely examined and, pension which is the biggest and most important in welfare state has been classified into Beveridge and Bismarckian types based on their pension system design. Such typology focused on benefit type or size of private pension has been recently refined to add a new type - 'Bismarckian Lite' type - in addition to traditional Beveridge and Bismarckian types. Whereas the pension reforms in the developed countries has been changes within their pension regimes, the Korean pension reform in 2007 seems to have changed the existing social insurance type into the 'Bismarckian Lite' type. However, considering the immaturity of Korean pension regime, it is difficult to conclude the existing status of the Korean pension regime and, the Korean one can be classified into a multi-pillar one. Over the last decades the developed countries have increased the size of private pension regardless of their original pension regimes, which tends to converge into multi-pillar schemes. Accordingly, there is recently a new typology focused on the degree of regulation in terms of private pensions, which seems to be the better perspective. It will be more important how to regulate the (immature) occupational pension as well as the National Pension in Korea. Considering that old age income security in countries where the public regulation regarding private pension was absent has been deteriorated, it would be necessary to strengthen the role of government to effectively regulate private pension.

• Journal of Teachers' Pension
• /
• v.2
• /
• pp.243-274
• /
• 2017

최근 우리나라는 유례를 찾아볼 수 없을 정도로 고령화 진행속도가 빠른 나라로 공적 연금재정과 연금제도의 지속가능성에 대한 관심이 증가하고 있는 상황이다. 따라서 사회보장제도 개혁에 성공한 국가로 잘 알려진 스웨덴 사례를 통해 사학연금제도의 유지 및 장기적 재정안정화에 시사하는 바를 찾고자 한다. 스웨덴 정부는 인구고령화에 따른 위험에 상대적으로 안전한 '명목확정기여(Notional Defined Contribution)'방식을 도입하여, 개인의 연금계좌에 연금보험료를 적립하여 수급시점에 본인이 부담한 보험료 상당액을 연금으로 돌려받을 수 있도록 운영하고 있다. 또한 경제상황이 예상 수준보다 침체되고 연금 재정수지가 악화될 경우 이와 연계하여 자동으로 연금가입자의 부담금을 높이고, 지출되는 급여액을 감소시키는 '자동재정균형장치(Automatic Balancing System)'를 도입하였다. 상기와 같이 기여와 급여를 명확하게 연계시키는 스웨덴의 명목확정기여 방식의 연금제도는 장기적 재정안정은 물론이고 안정적인 연금 급여를 제공한다고 평가되고 있다. 스웨덴은 연금개혁 후 확정기여(DC)제도로 전환하여 장기적인 제도 안정성을 추구하지만 사학연금은 확정급여(DB)제도를 유지하면서 급여수준의 하향조정과 보험료율을 점진적으로 상향시켜 재정안정성을 확보하는 것이 가장 큰 차이점이다. 스웨덴의 연금제도와 같이 공적연금의 틀을 유지하면서 사적연금의 장점을 최대로 수용한 명목확정기여 방식의 연금제도를 도입한다면 급격한 재정부담 없이 장기적으로 지속가능한 연금재정 안정화에 기여할 수 있을 것이다. 일견 스웨덴의 정치, 경제상황 및 문화적 특성 차이로 인해 스웨덴의 연금제도 방식을 획일적으로 사학연금제도에 적용하는 것은 불가능하다. 경제상황을 고려한 기여와 급여의 연계 강화를 개혁의 기본방향으로 설정한 스웨덴의 사례를 벤치마킹하여 사학연금 또한 거시경제상황과 조화를 이루는 제도개선 및 자동안정장치를 마련해 보는 것도 고려해 봄직 하다. 지속적으로 스웨덴 및 연금제도 선진 국가들의 연금개혁안을 재검토하여 사학연금제도에 현실적으로 적용할 수 있는 방안과 시사점들을 찾는 노력이 필요할 것이다.

• 한국사회정책
• /
• v.25 no.4
• /
• pp.301-321
• /
• 2018

The purpose of this paper is to analyze whether any combination of the quantitative and qualitative aspects of the public pension system is a causal factor for the elderly poverty reduction rate. For this, fuzzy-set qualitative comparison analysis was conducted with the poverty reduction rate as the outcome condition variable, the public pension expenditure ratio, the redistributive index, the first floor public pension weight, the second floor public pension weight and the second floor forced private pension weight did. As a result of the analysis, the combination of high public pension expenditure ratio, low two - tier public pension share and high two - tier compulsory private pension share has become a cause of high poverty reduction rate of the elderly. And more various forms of association were found as the cause of low poverty reduction rate of the elderly. This paper suggests policy proposals based on the above findings.

• The Korean Journal of Applied Statistics
• /
• v.28 no.4
• /
• pp.763-779
• /
• 2015

This study estimate the adequate replacement rate of retirement income by income brackets and suggests roles of pension and non-pension income sources to achieve it for each income bracket. Priori research focused on elderly poverty; however, there has been little discussion about an adequate income level for retirement. We calculate an adequate income replacement rate separately for the poor, middle, and high income group as well as the average level of replacement rate for all groups. We also investigate the gap between the adequate income replacement rates and realized rates, and propose roles for each income source to curtail the gap. It is essential to recognize that the adequate income for retirement is unable to be met only by an annuity. To emove the gap, it is vital to utilize non-pension income although annuity is a primary source for retirement. Especially, the public and private pension plays a role to overcome poverty and live affluent in retirement, respectively.

• Korea journal of population studies
• /
• v.24 no.1
• /
• pp.149-182
• /
• 2001

Due to the sustained increase in lifts expectancy, the number and proportion of the aged population has substantially increased, the proportion of the total population aged 65 and over was 7.1% in 2000 and 14.3% in 2022. But All public pension schemes in Korea, including the National Pension scheme, civil servants pension scheme, private school teachers pension scheme and the military pension scheme, are facing valving degree of financial problems at present because of their weak and unstable financial bases. with the result that some of them have recorded deficits for some time and the others are expected to run deficits in the near future. This crisis in financial sustainability in public pension schemes is attributable to the structural weakness of the schemes which can be characterized as high benefits, low contribution. Therefore, this article focuses on alternative of public pension schemes reform in Korea. The results is as follows. First, a basic pension is proposed to be newly established and the earnings related portion of National Pension Scheme will be as national pension. Secondly, the Basic Pension is a universal basic pension covering all nationals over 18 years and older, thereby achieving \"one pension for everybody\" Thirdly, National Pension will be operated as an earnings related pension covering only those participants with assessed income. Fourth1y, the current participants of public occupational pensions will also join the Basic Pension as well as the public occupational pensions whose scope of works will be reduced. And finally, The conversion of Retirement Allocation Scheme into a corporate pension should be left to the discretion of the company concerned.

• Management & Information Systems Review
• /
• v.36 no.1
• /
• pp.215-232
• /
• 2017

[Purpose] The purpose of this study is to point out the issue of pensions and retirement income tax which were amended from 2012 to 2016 and present a rational and intellectual improvement to this issue. [Methodology] This study was carried out a literature survey about the tax laws of pension income and retirement income. In order to confirm the differences between the case-by-case tax burden, calculated the effect of tax burden by presenting the examples in the case of retirement income. [Findings] It is necessary to apply the differential multiples in accordance with the seniority when leaving the company rather than applying the five times or 12 times in the tax base as the current retirement income tax. Also, It should be given the flexibility of pension income to ease the requirements of inevitable temporary receipt of a pension income. In addition, it is needed to expand separate taxation threshold which is current 12 million won. Finally, the annual limit of tax incentives for IRP should be increased significantly more than the current 7 million won. [Implications] The improvement of the study is to offer suggestions on the revision of retirement income and pension income taxation to the tax authorities or National Pension Service and retirement pension providers. The result of this study is expected to be used as reference to develop policy options on the legislative process.