• Korean Journal of Social Welfare
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• v.35
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• pp.345-374
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• 1998

The purpose of this study is to contribute the improvement of national welfare by presenting of pension welfare business of Korea and Japan. The reason why I take the management of Japan's pension accumulation as the object of comparative study is that the history of pension system of Japan is relatively longer than that of Korea. First of all, National Pension Fund comes into use for public sector, financial sector, and welfare sector, The scale of pension management for welfare sector is 50 small. Therefore, the study for welfare business investment reflecting the intentions of pension entries and pensioners is needs of times. This study defines the concept of welfare investment business and prospects welfare investment business of the future on the basis of Japanese experiences, and then suggests the direction of efficient propulsion of welfare investment business to the reasonable decision-makers. Especially this study redefine the concept of welfare investment business on the basis of pension entry's social benefits which are composed of pension entry's gains and pensioner's gain. Of course, welfare investment business has to be presupposed the stability of pension system and the continuous contribution to national economy. Thus, in order to efficiently perform welfare business, the policy-making for national welfare improvement has to be established after the good of business is set up like the results of this study.

• East Asian Journal of Business Economics (EAJBE)
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• v.1 no.2
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• pp.22-29
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• 2013

Purpose: The present study combines both tax structures and pension funds as the factors of economic importance and explores the impact of both (pension funds and tax rates) on the economic growth in context of OECD nations. Research Design, Data and Methodology: Last forty years data on these variables is taken for study purpose. A Sample size of thirty four nations which form the part of OECD nations was taken for study purpose. Results: Regression analysis (linear) was used to find out relationship between tax structure, Pension funds and economic growth. Conclusion: The results are important for nations increasing their expenditure for social contribution.

• 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.

• 한국노년학
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• v.36 no.3
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• pp.809-826
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• 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.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.7
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• pp.531-541
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• 2020

The purpose of the study is a theoretical and practical justification for building a mechanism for financing health facilities based on public-private partnerships from a pension fund in regions with environmental problems. The theoretical background is built on works of local and foreign authors on state and non-state pension provisions issues, pension funds' assets management. This study provides an analysis of the health status of the population of the Kyzylorda region; it analyzes also the worldwide and Kazakhstan practice of investing pension funds and implementing projects. There has been legislative and methodological framework for financing health projects based on public-private partnerships in Kazakhstan. The scientific methods considered in this study made it possible to develop a mechanism for financial support for the modernization of a healthcare facility using the budget of pension funds. The authors point out possible risks in the implementation of projects in the field of healthcare and make recommendations on the construction a mechanism for financing healthcare facilities in the regions of Kazakhstan with environmental problems. In addition, they underline the key insights of the analysis, which are requisites for identifying the profitability of project for business and social effects for the public. Factors influencing efficacy, effect and implementation risks identified.

• 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.

• Korean Journal of Construction Engineering and Management
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• v.5 no.6 s.22
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• pp.162-169
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• 2004

The purpose of this study is to analyze the factors Influencing profitability of pension business. for this purpose, the research method include questionnaire survey and multiple regression analysis. The results of this study are as follows (1) the factors influencing profitability includes location, operation method, building type, distance, environment, theme in descending order (2) a regression equation to predict profitability is suggested.

• The Journal of Society for e-Business Studies
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• v.24 no.4
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• pp.1-16
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• 2019

Blockchain technology prevents tampering of central authorities that manage voting process, enhancing trust in the vote results. This technology enables citizens to participate more directly in the areas where delegation was inevitable due to the difficulties in polling fair and trustworthy public opinions. There are many projects around the world proposing to implement voting system for public decision making using blockchain technology. The blockchain voting system is expected to work as a transparent and fair channel for polling public opinions, which will transform the public decision-making process and governance. Korean National Pension Service (NPS) recently introduced stewardship code to better represent the interest of beneficiaries. However, because of the mistrust in governance of NPS, introduction of stewardship code is facing criticism for potential misuse of their voting rights against the interest of beneficiaries and for government's interference with corporate management. This study proposes a voting system applying blockchain technology for polling the opinions of National Pension Fund's beneficiaries to support public decision-making, and discusses social and institutional conditions for implementation of the proposed system.

• Asia-Pacific Journal of Business
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• v.12 no.3
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• pp.329-342
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• 2021

Purpose - The purpose of this study is to analyze the effect of investment by the National Pension Service, which has a high share as a single fund, on the dividend payout ratio. Design/methodology/approach - This study secured a share through DART of the Financial Supervisory Service and disclosure of the National Pension Service. We also used a fixed-effects model and 2SLS to analyze the data. Findings - First, it was found that there was a possibility of conflicting interests among shareholders concerning the company's dividend payment policy. Second, in the range of 3% to 4.9% of the National Pension Service shareholding, an additional increase in the holding ratio was found to have a positive (+) effect on the dividend rate. Third, after the introduction of the Stewardship Code, it was found that the increase in ownership of the fund had a positive (+) effect on the company's dividend payout ratio, regardless of the share ratio range. Moreover, the relationship between the fund ownership and the dividend payout ratio showed a clear positive relationship when free cash flow was high along investment opportunities were low. Research implications or Originality - First, This study included less than 5% of the share in the analysis. Second, We used the recent changes in fund shareholder activities. Third, We tested an instrumental variable to confirm the relationship between the National Pension Service share and the dividend ratio.

• Journal of Digital Convergence
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• v.13 no.4
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• pp.137-146
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• 2015

The aging process in this country is underway at the fastest pace compared to those of the leading countries. On the other hand, preparing for retirement funds is more difficult than before due to the impact of slow interest rate and slow growth. The purpose of this study is to examine the necessity of providing various financial services in preparation for the future aging era. After analizing the various materials and utilizing a survey of the bank employees and the general public, we have found the followings. The replacement rate of this country, 55%, is much lower than the suggested level of World Bank, 75%. Also, the pension ratio in the income after retirement of this country is much lower compared to those of the States and Japan. The most people who participated in the survey needed ￦2,000 - ￦2,990 thousand for monthly living expenses after retirement. For the retirement funds, the higher the age the higher proportion of savings deposits they want, and the lower the age the higher proportion of insurance and pension products they want. Based on these analyses, the necessities of developing financial life planning which includes both financial and non-financial sides, retirement funds management according to age, revitalization of housing pension and developing diverse retirement funds are suggested.