• IE interfaces
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• v.24 no.1
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• pp.24-39
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• 2011

In this paper, we study the methodology for the measurement and integration of market risk and credit risk using Copula. We apply the methodology of Rosenberg, and Schuermann(2006) to the assets of pension system. Firstly we estimate dynamics of risk factors and their effects on investment returns, then use the estimated result to simulate future movement of risk factors and distribution of investment returns. Finally we measure integrated risk using integrated return distribution by Copula and simulated future investment return distributions. We found the integrated risk changing with the correlation of risks and investment weights of risks and confirmed the diversification effect of risks. This result is consistent when we use normal Copula and normal marginals, t-Copula and t(3) marginals, and normal Copula and non-parametric marginals. And in the case of non-parametric maginals, larger integrated risk is calculated. It means that use of non-parametric marginals is more conservative.

• IE interfaces
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• v.24 no.3
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• pp.173-186
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• 2011

In this paper, we evaluate life annuity plans for Korean pre-retired single and married couple participating Korea National Pension (KNP) and find optimal life annuity strategy by using utility-based measurements called AEW (Annuity Equivalent Wealth). Specifically, we extend a previous study to obtain a detailed optimal combination of annuitizing age and wealth in terms of percentage of net wealth at the time of retirement. A nonlinear optimization model is formulated with the objective of maximizing utility on consumption and bequest, and the dynamic programming (DP) technique is used to solve this problem. We find that there exist consistent patterns in optimal combinations of annuitizing age and wealth. Also, for all cases the optimal combination is significantly better than several other combinations. The results indicate that using the optimal approach can be beneficial to practitioners in insurance industry and prospective purchasers of life annuity. We conclude the paper with some discussions and suggestions.

• Journal of Digital Convergence
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• v.14 no.12
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• pp.13-25
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• 2016

This paper analyses the impacts of the characteristics of policyholder and contract on the lapse of Voluntarily Insured Person in National Pension, using the recent lapse data from National Pension Service. The logistic regression model is used in examining lapse odds with several independent variables. The result demonstrates several hypotheses of the lapse behaviors. First, the lapse odds of men is lower than that of women. Second, the effect of age on lapse odds shows concave shave with the peak at 37. Third, insured period has a negative effect on lapse odds in entrants sample. Fourth, standard monthly income has little effect on lapse in either sample. Fifth, the lapse odds decreases as the expected benefit ratio increases. Sixth, 2013 pension bill resulted in the sharp increase of lapse odds and the effect was greater for entrants. Last but not least, spatial environment such as residence also affects the lapse behavior.

• Journal of Korean Institute of Industrial Engineers
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• v.39 no.5
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• pp.429-439
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• 2013

The Korean Veterans' Pension Fund has previously pre-purchased Gibril Tower on Business Complex in Dubai, UAE, via a project-financed construction investment. Although the property is near completion, the investor syndicate's attempt to debt-finance due arrears was foiled in Dubai central bank's credit control of real estaterelated loans. Accordingly, the investment coordinator offered an additional capital injection, a collateralized leverage, and a maturity extension to the syndicate. If the syndicate rejects the offer, they may risk a nearcomplete capital loss and a possible default of the main contractor. Otherwise, the syndicate may still face uncertainties regarding interest receivables, principal re-payment, foreclosure, economic recession in Dubai, and the Islamic bond bill in the Korean Parliament. A possible exercise of the latter option may be due to the agency-prone nature of pension fund managers. Given these qualitative risk factors as at April 1, 2011, a real options approach-implied optimal decision suggests an extended and complete cash augmentation into the project finance deal.

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

• The Journal of the Convergence on Culture Technology
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• v.4 no.3
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• pp.139-147
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• 2018

This study starts with the consciousness of what should be the public pension service that meets the 4th Industrial Revolution era. To do this, we review the current status of non-facing services of domestic and foreign public institutions, and draw out implications for revitalizing non-facing services of the National Pension over the medium to long term. First, we reviewed the status of non-face-to-face service and the authentication method of the National Pension Service. Next, we reviewed the status of non-facing services in public pension and private agencies in the United States, the United Kingdom, Canada, and Australia. Based on the results of the analysis, we needs to analyze the impact of the 4th Industrial Revolution on the National Pension Service and extract future strategies, to expand channels of non-facing by business, to introduce PinTech as a non-facing authentication method, and to propose a unified service channel through the construction of an internet integrated portal. In the 4th industrial revolution era, it is possible to secure the connectivity of government portal for civil affairs and intelligence and automation introducing artificial intelligence robots.

• Journal of Distribution Science
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• v.19 no.8
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• pp.13-24
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• 2021

Purpose: This research is aimed to explore factors affecting on Kazakhstan's pharmaceutical distribution industry, selection of various factors and assessment of the level of their influence. Based on the literature review it was defined that there is a great variety of scientific works relating to pharmaceutical distribution industry competitiveness and management improvement. Research design, data and methodology: There is very little research, which to determine the issues of pharmaceutical industry distribution in developing countries, in particular EAEU countries. The algorithm was chosen for research provision: statistical and comparative analysis, correlation, and regression analysis. The data of 1993-2020 obtained from the World Bank, Bureau of National Statistics, National Bank of Kazakhstan, which is expressed by 19 factors as macroeconomic indicators. Results: The chosen variables were selected non-randomly, these economic indicators had the most reliable, unique, and utmost for the whole research period complete information. Conclusions: There could be made adequate conclusions of the research, there is a strong positive relationship for six factors: population, GDP per capita, average annual US dollar exchange rate, the minimum pension, average assigned monthly pension, minimum wage. Pension and wage are the most significant factors affecting on the pharmaceutical distribution industry in Kazakhstan.

• Management & Information Systems Review
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• v.32 no.3
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• pp.83-105
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• 2013

There are many literatures about the herding behavior of institutional investors but there is lack of literatures about the relation among several investor groups consisting of institutional investors. So we investigate the relation among sub-institutional investor groups like bank, insurance companies, pension funds using KRX intraday trading data of 2009. As the result, we find that foreign, individual, and securities firm investors trade in the opposite direction of other investor groups including pension funds. And pension, insurance, asset management, private equity funds, other companies, government, and banks are cross-mimicking each other, so we conclude that these investors make herding behavior. In 2009 institutional investors except securities firms make herding in a short period, and insurance, asset management, pension funds and other companies make herding and self-mimicking in all period, but there is no herding and mimicking after foreign investors.

• Journal of the Korea Safety Management & Science
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• v.15 no.4
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• pp.393-399
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• 2013

The purposes of this study were to seek beauty industry parts' current social insurance admission status. To achieve the purposes, questionnaire was distributed to a total of 470 beauty artists and data were analyzed by statistical analysis. The result of study proposed that hairdresser showed the highest awareness and field of nail art showed the lowest awareness in social insurance admission status. Social insurance admission status shows that beauty artists in hair field had the most applicants of national pension, health insurance, workers' compensation insurance and beauty artists of skin field had the highest desire for social insurance application. This study hopes to be used as base line data of social insurance applicants' accurate status and application.

• Korean Journal of Social Welfare
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• v.51
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• pp.5-28
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• 2002

The purpose of this paper is to examine the issues and the characteristics of the recent social security pension debate in the United States. For the purpose the transforming process from the funded system to the pay-as-you-go system in the 1930s, three alternatives of social security reform proposed by the Social Security Administration in 1996, and the other various alternatives proposed by the politicians, the business leaders and the scholars were analysed. While the alternatives were compared, the critical issues could be identified. The core issues were as follows. First, the individual accounts should be newly made or not? Second, who is the main administrator, government or private investment companies? Third, what is important, the inter-generational and the vertical income redistribution effect or the individual equity in social security pension system? Besides, the different positions of the social forces were also examined. The supporters of privatizing the social security pension, supporters of IA and PSA, prefer the value of equity, the effect of promoting savings, the private management of the social security funds, and the investment of the funds to the private capital markets. The supporters of pay-as-you-go system, supporters of MB, prefer the inter-generational and the vertical income redistribution effect of social security pension, and were convinced that fundamental changes of the systems are not necessary, and the insolvency problem could be overcome through a few reform, for example, increasing the rate and decreasing the benefits.