• Analyses & Alternatives
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• v.2 no.2
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• pp.67-91
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• 2018

This study scrutinizes the necessity and cases of the public and pension cooperation and tries to present the way of construction of information infrastructure for the pension systems suitable for Korea. The developed countries have recently been focusing on strengthening the multi-pillar pension system, while pension education and information services have emerged as an important element of the pension cooperation. The frame of the multi-pillar-pension system in Korea has already been constructed, but it is not substantial. Especially bad information on the pension system has seriously hindered the consolidation of the pension system. In order to solve this problem, we analyzed cases of public-private cooperation systems in Iceland, New Zealand, Netherlands, and Sweden. In order to build a basic infrastructure for construction pension cooperation in Korea, it is necessary to promote information exchange and cooperation among pension organizations and to improve the pension portal of NPS 'My Pension'. In addition, this study suggests establishing an association of private and public pension schemes, which manages the integrated information and education of pension systems.

• Journal of Wellbeing Management and Applied Psychology
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• v.7 no.1
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• pp.1-7
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• 2024

Purpose: The improvement of the social security system can greatly affect residents' future uncertainty, and it is important to study the relationship between public pensions and household consumption. Research design, data and methodology: Using the 2018 China Household Panel Survey (CFPS) data, the instrumental variable method is used to analyze the impact of pension insurance on urban residents' consumption. Results: The results of the study show that there are differences in the impact of three different pension insurance systems on household consumption. The pension insurance for public sector significantly boosts household consumption, and having a pension insurance for public sector can increase household consumption by 7.7%. The pension insurance for enterprise employee will reduce household consumption, but this is only significant for urban households. The pension insurance for urban and rural residents has a negative impact on household consumption. For the 16- to 39-year-old group, having a pension insurance for urban and rural residents will reduce household consumption by 5.7%. At the same time, household income, assets, scale, and education level will positively stimulate household consumption. Conclusions: The study reveals varying impacts among different pension types, highlighting the need for optimizing social security schemes to incentivize higher consumption rates.

• Korean Journal of Social Welfare
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• v.50
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• pp.235-263
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• 2002

The present study is designed to explore restructuring direction of the old-age income maintenance system and development direction of the Seniority Pension Scheme(SPS) in Korea. While the SPS is trifling scheme with tiny benefit amount and small budget, the SPS has important role that function as only public income maintenance scheme for both the low income class and the excluded from public pension and public assistance at present stage because of immature National Pension. This study starts with the research question why serious mis-matching problem between needs and resources in old-age income maintenance system occur. Thus this study explores fundamental change direction of the old-age income maintenance system which is coincide with further situation change(demography, labour market, family structure). Also this study explores desirable SPS's development direction as taking into account relation with other public old-age income maintenance system. This paper suggests basic direction of old-age income maintenance system as follows: principle of universal and individual security; principle of sustainability; principle of equity. Under general principle, this paper also proposes largely two development scenario of the SPS. The one is to maintain present transitional and provisional scheme with trying scheme's substantiality. The other is to change into permanent old-age income maintenance scheme for the excluded public pension and public assistance. At this point it is the public pension's role that the SPS's development direction is determined. If the public pension keep one pension per one earner as present system, non-contribution pension as present SPS should maintain continuously. However, if the public pension reorganize into basic pension of one pension per one person and earning-related pension, the SPS should be managed temporarily until mature of public pension. Therefore whether the public pension play basic security role for all elderly or not will determine the SPS development direction.

• The Korean Journal of Community Living Science
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• v.17 no.3
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• pp.67-87
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• 2006

This study examined how middle-aged jobholders anticipate their living after retirement, how they plan their post-retirement financial welfare and what attitude they have towards old age. The data came from 290 middle-aged male and female people in Incheon, Suwon and Cheongju city and were analyzed to find the differences among public planned pension types, such as the National Pension System (NPS), the Government Employee Pension Corporation (GEPC), and the Korea Teachers Pension (KTP). The major results were as follows: First, the expected income level after retirement in GEPC members was the highest and the lowest in KTP members. Second, the expected living period after retirement is the main criteria used when determining the amount of money needed for old age. Third, KTP members were of the most inferior at financial planning and practice, especially self-reflection of their expending behavior, thrift and saving practice for old age.

• 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.

• Korean Journal of Social Welfare
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• v.46
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• pp.290-318
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• 2001

In 1981, Chile has fundamentally reformed the public pension system from the pay-as-you-go system (PAYGs) to the full funding defined contribution system managed by the private funding companies. The Chilean privatization reform influenced not only the neighbor South American countries but also the advanced countries. The United Kingdom contracted out the state earning related pension system. Australia and Sweden recently introduced the private investment accounts system. And now the hot debates on the privatization of the social security pension is going on in the United States of America. This wind of privatizing the public pension system is being backed up by the New Liberalism, the nowadays' strongest ideology. Besides, the theoretical and idealogical debate between the World Bank and the ILO/ISSA was happened in the middle of 1990s. The World Bank, the supporter of the international financial capital, insisted the introducing of the full funding individual accounts system and the abolition of the existing PAYGs. The ILO/ISSA apposed the World Bank's policies and advocated the moderate reform of the PAYGs. In this paper, I reviewed the Chilean reform, the World Bank's report and the opposing argument of the ILO/ISSA against it, and analysed the core issues of the two sides. Also, I tried to present the suggestions to the Korean public pension systems. Through the discussing the debate, we made certain of the importance of the basic issues in the social security system like equity vs. adequacy, inter-generational redistribution vs. intra-generational redistribution and welfare vs. economy, once again.

• Korean Journal of Social Welfare
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• v.67 no.1
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• pp.215-237
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• 2015

This paper aims to check the multi-pillar pension system in Korea. That is why, We analyzed the insured status of people in terms of multi-pillar pension system including National Pension Service, Private Pension, Retirement Pension over time. The main findings are as follows; firstly, the 'multi-pillar type'(27.7%), the 'public pension type'(12.8%) and the 'insecure type'(59.6%) have been formed. Secondly, any socio-demographic factors like labor market status, gender, age et cetera could not guarantee the pension right for multi-pillar system. As a result, we emphasize that including the 'insecure type' into public pension schemes is a prerequisite for establishing the multi-pillar pension system.

• 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.

• The Journal of the Convergence on Culture Technology
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• v.10 no.1
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• pp.369-378
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• 2024

The aim of this study is to conduct a comparative study on the sustainability of the public pension. While the mainstream view on the sustainability of the public pension presupposes financial sustainability, the original purpose of guaranteeing retirement income has been overlooked. The sustainability of the public pension needs to consider not only financial sustainability, but also various factors such as demographic structure, labor productivity, industrial structure, life cycle of working households, government spending on public pensions, economic growth, and social consensus. With this awareness of the problem, this study conducted a fuzzy set qualitative comparative study in 44 countries, including Korea. As a result of the analysis, it was found that Korea had high financial sustainability for a single year, but relatively low integration related to social consultation and public pension operation, and adequacy such as the degree of guarantee and linkage with other pension systems was also relatively low. The sustainability of the broader public pension should be emphasized not only for financial sustainability, but also for adequacy and integration.

• 한국사회복지학회:학술대회논문집
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• 2004.04a
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• pp.457-473
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• 2004

This study purports to contribute to existing literatures and debates about the future of Korean public pension system by introducing the cases of pension privatization in eight Latin American countries. Following the Chilean reform in 1981, many Latin American nations to a varying degree replaced their public pension system with private one, and the performance of those private systems started to emerge. Overall, pension privatization does not appear to be the panacea that some of its advocates have argued. While it seems to remedy existing problems, it is creating new ones. As an unprecedented policy experiment, the pension privatization in many Latin American countries implies that there are a number of risks in the path of privatization.