• Journal of the Korean Data and Information Science Society
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• v.24 no.6
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• pp.1385-1400
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• 2013

This paper discusses income replacement ratios of national pension, retirement pension and individual annuities in Korea. These ratios are useful indicators for the assessment of retirement income security of workers. This paper projects income replacement ratios, using the pension entry rate, decrement rates, and life tables of the National Statistical Office. The result of the actuarial projection is that the income replacement ratio of national pension is approximately 21.0 to 22.7%, that the income replacement ratio of retirement pension is about 5.8 to 9.7%, and that the income replacement ratio of an individual annuity is about 13.5 to 21.0%, respectively. The income replacement ratio by income varies due to the effects of income redistribution in national pension and retirement pension, but the income replacement ratio of an individual annuity is constant, regardless of income.

• Journal of the Korean Home Economics Association
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• v.40 no.3
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• pp.83-97
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• 2002

This study estimates the consumption needs of preretired households through target replacement ratio approach. Based on the Life Cycle Model, this study used the household expenditure function to derive the target replacement ratio appropriate for each household. The target replacement ratio is estimated using the 1996 National Survey of family Income and Expenditure by National Statistical Office. The estimated target replacement ratio was 82.4% for married couple households, and 85.1% for single households. Total retirement consumption needs during entire retirement period was 161,620,000 won for married couple households, and 50,532,039 won for single households.

• Journal of the Korean Data and Information Science Society
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• v.25 no.6
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• pp.1315-1331
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• 2014

Replacement rates which shows the ratio of retirement income relative to preretirement income is used for a valuable evaluation measures while discussing social security benefit levels or the adequacy of retirement income. However, replacement rates has been only used for an index for evaluating benefit level at the time of retirement or specific retirement period in advanced research projects. This article analyzes how much the uncertainty of survival has an influence on retirement income, and shows replacement rates in conformity with the period of survival as an index. The researchers named this index lifetime income replacement rates. Analysis based on this index shows both life replacement income rates of 38.3% in men's case and of 41.1% in women's case while enrolled for 20years in three pension plans - national pension, retirement pension and individual annuity.

• Safety and Health at Work
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• v.15 no.2
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• pp.151-157
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• 2024

Background: Replacement drivers represent a significant portion of platform labor in the Republic of Korea, often facing night shifts and the demands of emotional labor. Research on replacement drivers is limited due to their widespread nature. This study examined the levels of presenteeism and absenteeism among replacement drivers in comparison to those of paid male workers in the Republic of Korea. Methods: This study collected data for replacement drivers and used data from the 6th Korean Working Conditions Survey for paid male workers over the age of 20 years. Propensity score matching was performed to balance the differences between paid workers and replacement drivers. Multivariable logistic regression was used to estimate the adjusted odds ratio (OR) and 95% confidence intervals for presenteeism and absenteeism by replacement drivers. Stratified analysis was conducted for age groups, educational levels, income levels, and working hours. The analysis was adjusted for variables including age, education, income, working hours, working days per week, and working duration. Results: Among the 1,417 participants, the prevalence of presenteeism and absenteeism among replacement drivers was 53.6% (n = 210) and 51.3% (n = 201), respectively. The association of presenteeism and absenteeism (adjusted OR [95% CI] = 8.42 [6.36-11.16] and 20.80 [95% CI = 14.60-29.62], respectively) with replacement drivers being significant, with a prominent association among the young age group, high educational, and medium income levels. Conclusion: The results demonstrated that replacement drivers were more significantly associated with presenteeism and absenteeism than paid workers. Further studies are necessary to establish a strategy to decrease the risk factors among replacement drivers.

• Korean Management Science Review
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• v.32 no.3
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• pp.13-28
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• 2015

Using the most recent dataset of Korea and U.S. household finance, this study analyzed demand and adequacy of private pensions for pre-retirees. 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. For comprehensive comparisons of the two countries, this study classified the private pension into sub-categories such as personal pension, corporate pension, and retirement benefits, and used three different criteria including ownership, accumulated present value of each pension, and income replacement ratio of each pension. After controlling for other factors, educational level of householder and household income were critical determinants of size and adequacy of private pension in both countries. Different from Korean households, householders' gender, marital status, and health status had an important effect on the private pension size and adequacy in the U.S. In addition, home ownership significantly increased only private pension adequacy in Korea, and also increased ownership rate, size, and adequacy of private pension in the U.S. Results of this study provide useful implications for future pension system and policy in Korea.

• Korea journal of population studies
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• v.26 no.1
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• pp.79-113
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• 2003

This study is intended to explore an income level necessart for the old-age by income Status. Firstly, it is verified whether there is significant difference between old-age and working age or not. Secondly, if their difference is found, it will be identified that it is determined by certain factors. Thirdly, it is brought out needful income level for the old-age living through analysing old-age consumption expenditure level over working age. The results in this research are as follows. Firstly, there is a significant difference between old-age and working age. Secondly, the major factors which generated difference between old-age and working age consumption expenditure are income, household size, and age. Thirdly, the income level necessary for oldage living is on average 61 %. By income status, it is 90-100% for low income status, 60-70% for middle income status, 50-60% for high income status.

• International Area Studies Review
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• v.21 no.1
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• pp.221-243
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• 2017

In this study, I examine overall conditions and problems of personal asset management processes by the old age people in Korea from the global perspectives. Major recommended policy implications for those are as follows.. First, the IRR (income replacement ratio) of public pensions in Korea is found to rank nearly the lowest among the OECD member countries. The relatively low fund performance compared to that of developed countries as well as this low IRR can be pointed out as major problems of public pension in Korea. It is recommended to reinforce specialty in fund management as a top priority to solve out these problems related with public pensions in Korea. Second, it is needed to set retirement pensions to be mandatory for almost all the firms in Korea to substitute for the above lower IRR of public pensions and to recover from the highest elderly poverty ratio among the OECD countries. Third, it is required to discuss about the expansion of tax refund policy application in the individual pension sector and many financial investment products under the correction of current budget control to motivate voluntary subscription for individual pension planning and to stabilize elderly lives of ordinary people in Korea. Fourth, it is required to induce market mechanism in controling price and longevity risk of reverse mortgages for the long-run sustainability.

• International Journal of Human Ecology
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• v.17 no.2
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• pp.31-42
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• 2016

We examine the self-control problems of U.S households and their effects on households' retirement preparedness based on the Behavioral Life-Cycle Hypothesis. Using the 2010 Survey of Consumer Finances dataset, the level of retirement adequacy was estimated with income replacement ratio (IRR), and only 42% of households were adequately prepared for retirement. Results from logistic regression analysis indicated that households with loan payment and saving self-control problems were less likely to be prepared adequately for retirement compared to those without such problems. Age, education, race/ethnicity, marital status, employment status, retirement plans, expected retirement age and risk tolerance were significantly related to retirement preparedness. This study provides financial educator and researchers with suggestions on how to help household make a better retirement plan.

• The Korean Journal of Applied Statistics
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• v.28 no.4
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• pp.603-620
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• 2015

The National Pension of Korea is a public social security system designed to alleviate social risks and poverty that has had a major impact on the quality of life for the aging population. However, a rapidly aging population and low fertility threaten the sustainability of national pension in Korea. The National Pension Research Institute publishes a nancial projection every ve years; consequently, the government has lowered the entitlements for the sustainability of national pension based on the projection results. The current reform of the pension system that arbitrarily reduces the entitlements might detract from the income security role of the national pension for pensioners without accounting for the highest elderly poverty rate in the OECD countries. We first discuss methods for the financial projection of the national pension in terms of population, subscribers, and pensioner projections in order to estimate the pension reserve fund and the financial depletion year. We also conduct a sensitivity analysis for population variables, institutional variables, and economic variables based on pension reserves and the financial depletion year. We evaluate intergenerational fairness between the income hierarchy by conducting a money's worth analysis. Finally, we investigate the possibility of the sustainability of national pension by adjusting pension contributions and entitlements (income replacement rate). A new dependency ratio shows that a simple reform of the national pension does not secure the sustainability of the national pension without adapting a pay-as-you-go system.

• Korean Institute of Interior Design Journal
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• v.24 no.6
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• pp.154-162
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• 2015

As there is no case study with current status, measurements or description on the state of actual site of rural area only, the delivery of actual conditions about such an area is significantly limited. The purpose of this study is to pinpoint issues with housing conditions of low-income family with disabled members in the rural area. For such a purpose, 25 households of disabled people have been visited for interview, on-site research and survey, of which results are summed up in this paper as following: First, average monthly income of such family turned out to be KRW 480,000, most of which is from the government subsidy. High ratio of such families has resided in a house with average size of approximately 56m2 for about 24 years. Secondly the most needed maintenance work with top priority was for the toilet, and many of the interviewees expressed their discomfort about small size of their bathrooms and inconvenient facilities therein. Thirdly, most of such houses had too high thresholds that posed danger and inconvenience. Such thresholds had average height of 13cm, which can be considered as completely inconsiderate of disabled users. Fourth issue was that these people needed safety handle that will enable them to stand up or to be in the standing posture in the living room and bedroom where they spend most of their time. Fifthly, they wanted finishing materials with waterproof functionality as well as replacement of finishing materials and wallpaper which were too old and caused hygiene issues. As these issues represent, current housing for disabled people in the rural area turned out to be poor and risky space rather than the place where difficulty of individual situation can be resolved or their disability can be complemented. Thus it can be determined that now is the time to arrange the solutions for such housing difficulties and to establish customized housing plan to ensure safety and convenience.