• The Korean Journal of Applied Statistics
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• v.28 no.4
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• pp.741-762
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• 2015

This study examines the long-term prospects for a minimum living guarantee by public pensions for the elderly using a dynamic micro-simulation model. "Elderly poverty" here is an estimate calculated by considering only the public pension income and it means how public pension affects the minimum living guarantee for the elderly. The main results are: First the impact of the public pension system on elderly poverty can be decomposed into economic growth and institutional effect. When considering both effects, the absolute poverty rate of the elderly will be reduced to 20% by the year 2040. But when considering the institutional effect(except economic growth effect), that rate is expected to be a long-term level of around 90%. Second, even if the Basic Pension is indexed to 10% of A-value, the elderly poverty rate is only about 10%p to be reduced further, compared to the current CPI-indexed system. Third, current benefit formula for National Pension does not consider the actual correlation of income level and insured period; consequently, the reversal possibility of the replacement rate appears likely. Fourth, the reform of 2007 improves the sustainability of the National Pension; however, it deteriorates the adequacy of the pension policy, i.e., the past system would be better than the current system in regards to a reduction in elderly poverty. Further discussion is needed on aspects of correct pension reform assessments which is difficult to achieve without understanding the comprehensive benefits and costs to society.

• Korean Journal of Social Welfare
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• v.57 no.3
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• pp.31-50
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• 2005

The perspectives on the gender equality are various. Therefore the relationship between social policy and gender equality must be thought in the sense of the following question: What kind of gender equality pursue social policy? In spite of the mentioned question the mainstreaming discussion about the relationship between social policy and gender equality focuses on how a social policy leads to gender inequality. The debate about the perspective with which social policy pursues to conglomerate or abolish gender inequality is not popular. In this study the Korean National Pension System is analysed according to the gender neutral approach, the gender recognition approach, the gender reconstruction approach and the gender reinforcement approach. As a result, the Korean National Pension System has a character as a gender neutral approach. Therefore the critics on the National Pension System should focus on this perspective. In the future, when the pension credit system, the guarantee of right to pension in the case of divorce and the basic pension guarantee would be introduced, the Korean National Pension System could be featured as a field of social policy that has a gender recognition approach.

• Korean Journal of Family Social Work
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• no.60
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• pp.133-173
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• 2018

This paper analyzes the consistency and the discrepancy between system and practices of the old age pension(Nyunronyungeum) in North Korea. The literature review is conducted to analyze the system. Specifically, the North Korean law and North Korean dictionaries were carefully examined. The interviews with 25 North Korean refugees were conducted to grasp the exact state of the old age pension in North Korea. Major findings are as follows: the consistency between system and practices of the old age pension in North Korea is identified only certain portions of that. Beneficiaries(blue-collar workers, white-collar workers, farmers, soldiers, and employees in foreign-invested enterprises), contribution periods, earning-related schemes, the totalization of periods of coverage(workplace transitions), the absence of double benefits and early retirement pension, and the delivery system around Civic Service offices(Dong offices) are confirmed by complete consistency. Preservation age, variations in the implementation of the pension system by region, and premium of the old age pension are confirmed by partial consistency. The length of service, the labor regulation, lump-sum payment, and double dipping are confirmed by discrepancies. It's important that this study brings about a better understanding the old age pension in North Korea through various original texts of North Korea and interviews with refugees. The results of this study are expected to contribute to the policy production for the age income security system after the unification and to the spread of unification perspectives.

• 사회경제평론
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• v.29 no.1
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• pp.99-117
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• 2016

This paper aims to explore the institutional traits of the federal employees pension system in the United States and the direction of its reform. Currently the United States has two systems of the federal employees pension. One is CSRS, the other is FERS. The former was firstly introduced in 1920 as a generous DB pension well before the establishment of the Social Security System(OASDI). What led to the latter, FERS was the Social Security Amendment Act of 1983 and Federal Employee Retirement System Act of 1986. The crucial difference between the CSRS and the FERS is the contrasting characteristic of their relationships with OASDI. The CSRS has just one source of retirement benefit(DB pension) without OASDI benefit, whereas the FERS has three sources(OASDI benefit, basic annuity(DB), DC typed TSP benefit). When it comes to FERS, what matters most is TSP(Thrift Savings Plan).

• The Journal of Industrial Distribution & Business
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• v.8 no.2
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• pp.21-31
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• 2017

Purpose - The total amount of advanced Corporate Pension Insurance products exceed 148 trillion Korean Won at the end of 2016. For a firm with over 300 employees, when a bill on compulsion of introduction of Corporate Pension Insurance products, currently pending in court, is passed, Corporate Pension shall be an essential. The findings of the paper will provide a guideline for understanding on firm's attributes and its effects towards introduction of Corporate Pension Insurance products. Research design, data, and methodology - The data were collected using statistics of employer panel survey from Korea Labour Institute in 2013. The study analyses a sample survey on 1,775 outstanding enterprises and their HR department among whole corporations in Korea. For analysis of data, empirical testing by Logistic Regression was utilized. Results - As an outcome of empirical testing, variables on share of regular employees and the aged employees in over 50's generates a significant statistical meaning. It eventually gives a great impact on purchase of Corporate Pension scheme. Moreover, variables on corporate financial statement, current sales, current net income, total amount of the debts, labor cost per person also has a vital influence on introduction of Corporate Pension Insurance products. Lastly, variables on firm's labor relationship have no effect except for the execution or non-execution of HR consulting. Meanwhile, Variables affecting a choice on pension schemes types among firm's attributes are a share of regular employees, current net income, execution or non-execution of HR consulting etc. These variables represents a statistical implication. According to their each features, they prefer DB or DC plan. Conclusions - Introduction of corporate pension scheme is apposite to contemporary Korea's situation entering a hyper-aging society and firms with a high share of regular employees, the weight of aging, current sales, current net income and labor cost per person are exceedingly active in purchasing Corporate Pension Insurance products. However, after the introduction of corporate pension scheme, firms which has an implementation of consultation on human resource management, flexible benefits plan, job security and welfare system prefer DC plan whereas from financial perspective firms with high net income prefer DB plan.

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

• Korean Journal of Social Welfare
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• v.57 no.2
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• pp.375-403
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• 2005

This Study reviews theoretical argument about the effect of retirement earnings test on the labor supply of the aged which is controversial issue in OECD countries and analyze the effect on the incidence of re-employment, re-employment period of suspended officials and the possibility of re-retirement through Government Employment Pension Corporation data. It consists of 178,363 public officials who received pension benefit or disability pension in January 2005. The main result of this research shows that public officials re-employed were 8,086 which is 4.5% of total retired, and median survival time of suspended pension payments is 3.3 years. Also the median re-employment period of 100% suspended officials is about 20 month shorter than that of 1/2 suspended officials and it is shown in regression analysis that the possibility of re-retirement by 100% suspended officials is statistically significant higher than those of 50%. It specially expects greater influence if includes in case taking lump-sum or no making effect of re-employment because current system withhold pension payments even by earned income itself. Therefore, this analysis suggests suspension of pension payment properly applied according to the age and income together with "Delayed Retirement Credit" or "Partial Pension" for developmental alternatives of civil servant's suspension of pension payments. Furthermore, It is urgently needed that distinctive quality data about re-employment including earnings to perform deep-empirical research for effective policy. Lastly, it is extremely necessary to reinforce management system of Government Employment Pension Corporation.

• 한국사회정책
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• v.25 no.4
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• pp.301-321
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• 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.

• 한국사회정책
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• v.25 no.3
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• pp.279-303
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• 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.

• Journal of the Korean Data and Information Science Society
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• v.25 no.1
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• pp.131-153
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• 2014

The Korean market of pension plans has recently increased and pension plans will be expected to play an important role in the retirement system as complement of the national pension system in the future. However, there are a few of research papers on actuarial projections of pension plans. This paper will discuss a long-term financial projection on defined pension plans using data based on the national pension workplace participants. Previous researches focused on company-based financial projection of pension plan. But, this paper concerns on total Korean pension participants and suggests a method to calculate future financial projection of total pension plans. Finally, this research will suggest several numerical results of normal costs, benefits, numbers of workers, etc.