• Korean Journal of Social Welfare
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• v.37
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• pp.89-118
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• 1999

The goal of this paper is to define the distinguishing characteristics of Korea's National Pension Scheme compared to the National Pension types of other countries and sees if those characteristics are significant enough in order to warrant calling these the "Korean Model". Also, another point to consider is, if this "Korean Model" does indeed exist, whether it is a 'sustainable' model or not. The National Pension Scheme, which was implemented in 1988, is similar to the public pension system formerly used in Japan. The National Pension Scheme broke away from this 'Japanese Model' in 1995 with implementation of the Farmers and Fishermen Pension, and the unique "Korean Model National Pension" was completed in 1998 with revision of the National Pension Law. The characteristics of the Korean National Pension can be defined as being balanced equally on ability and equality, possessing strong intergenerational income redistribution, having a nationally integrated structure, an incomplete funded method financial neutralism of the government and also as being a Monroe-oriented pension system. There are several limits to the sustainable development of this Korean Model National Pension, though. Even though the precondition of "the income determination problem of self-employed persons", which has strong intra-generational income redistribution. in actuality there are still many policy issues to be confronted such as the structure which 'transfers the burden to the future generation', the 'inter-generational inequity' of the incomplete funded system, persons excluded from coverage under the national integrated structure, 'compulsory loaning of the public sector by the National Pension Fund' under the government's principle of finance neutralism, the separate existence of the 'Monroe-oriented National Pension' from other pensions, etc.,. Therefore, it need to reform of NPS once again to sustainable development of KMNP.

• Journal of Family Resource Management and Policy Review
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• v.17 no.4
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• pp.189-213
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• 2013

The purpose of this work is to explore different types of intergenerational relationships in the later lives of old retirees. This will be done according to the eligibility of public pension and the old age social security system so that the factors affecting intergenerational relationships can be analyzed, and to propose a plan to improve social adaptation in later life. The data used in this work are the Fourth basic survey data of the 2011 Korea Retirement and Income Study. The study subjects of this work were 2,435 retirees over age 65 who had children. In this study, latent class analysis and logistic regression analysis were conducted to classify types of intergenerational relationships and to analyze the influence of relevant factors. As a result of the analysis, some of those in the group were eligible for public pension, and the ones who were not were classified into three types: the closely-living-together type, the separate-living-contact type, and the estrangement type. In the group not eligible for public pension, it was found that age, spouse, number of children, economic factors, and level of health satisfaction gave significant power to intergenerational relationships. In the group eligible for public pension, it was found that age, income and net assets, ADL(Activities of Daily Living), whether there was an IADL(Instrumental Activities of Daily Living) spouse, and number of children affected types of intergenerational relationships; Socio-demographic factors, economic factors, and healthy factors became significant variables according to the classified types of intergenerational relationship. Based on the study results, this work suggested such necessities to lay the foundation for an elderly welfare system for social adaptation in later life, This includes the offering of programs for retirement preparation, the use of family and local society resources, and expansion of the opportunity to participate in social activities.

• 한국노년학
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• v.40 no.1
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• pp.1-21
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• 2020

The purpose of this study is to examine that basic pension entitlement affects the subjective well-being(SWB) of the elderly. For controlling unobserved heterogeneity, we used fixed effects model for longitudinal data. The data used for this study is KLoSA from 2006 to 2016. The research results are as follows. SWB of non-basic pensioners was higher than for basic pension beneficiaries. Second, when the demographic variables were controlled, SWB of the basic pension recipients was higher then that of non-beneficiaries. Third, the factors affecting SWB were economic satisfaction, marital status, family financial support, employment status, subjective health status, daily life restrictions, gender, and age. Fourth, the effect of basic pension on SWB was positive at the lowest income quartile. The results of this study shows that the basic pension system has a positive effect on the SWB of elderly despite the low benefit level. Therefore, it is necessary to expand the basic pension system to solve poverty problems and improve the quality of life for the aged. Also, various aspects of social support for the low-income vulnerable elderly are needed. Lastly, It was suggested that the benefit level of the basic pension should be raised to have a substantial effect on the low-income class, which is a key policy subject.

• The Korean Journal of Applied Statistics
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• v.28 no.4
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• pp.593-601
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• 2015

We summarize the twelve papers carefully selected for aging, pensions, and related issues, The twelve novel papers are grouped into three categories: sustainability, adequacy, pension reforms. In particular, these twelve papers include depth and extensive discussions for national pension system and present the direction of the various pension reforms. It will be a great help to policy makers and researchers.

• 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.

• Journal of Digital Convergence
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• v.19 no.4
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• pp.39-48
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• 2021

The retirement pension is one of the security systems for retirement income. In Korea, since 2016, companies with 300 or more employees are obligated to introduce retirement pensions, so the rate of introduction of retirement pensions by large companies is high, but the rate of introduction of small and medium-sized enterprise(SME) is very low. This study aims to suggest a direction for the government's policy establishment to introduction of a retirement pension plan by looking at what financial attributes affect the intention to introduction of retirement pension plan. As a result of the analysis, it was found that among the financial attributes, Return on Sales in the positive (+) direction and Equity Capital Ratio in the negative (-) direction were significant factors influencing the intention to introduce a SME retirement pension. Accordingly, the government policy to induce the introduction of the retirement pension for SMEs needs to be implemented in stages with priority to SMEs with large Return on Sales and Equity Capital Ratio.

• Korean Journal of Social Welfare Studies
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• v.41 no.1
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• pp.203-226
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• 2010

Using the Korean Welfare Panel Study, this study examines the labor-market activities of uninsured persons and discusses policy implications for reforming the National Pension Scheme in Korea. First, despite the short observation period, the data show that pension status is not a static state and can be better understood in terms of dynamic processes. Second, in addition to frequent changes in income-earning activities, complex criteria for pension coverage cause substantial transitions in pension status. Third, a portion of uninsured persons involve in income-earning activities but they tend to face poor working conditions as well as unstable employment. Overall, this study suggests that building solid foundations for developing a financially sustainable and reliable social protection system is more important than rapid increase in pension coverage.

• Journal of the Korea Society for Simulation
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• v.23 no.4
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• pp.163-170
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• 2014

This study calculates the employee receives severance pay scale are paid from the company in the DC system. In addition, by utilizing the reserve growth model were studied in accordance with shortfall risk levels generated by stochastic asset allocation. For the analysis, from 2004 to 2013 using the KOSPI returns and total bond yields were simulated. Scenario 1 is when compared to the severance reserve is insufficient. Scenario 2 is the same as if toy reserve this severance pay. During one period, depending on the asset allocation of stocks and bonds was confirmed that the probability pension risk does not occur. And we suggest that members of DC pension risk endeavor with the government and companies to avoid.

• The Journal of the Korea Contents Association
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• v.21 no.9
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• pp.234-244
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• 2021

The purpose of this study is to investigate the effect of the retirement pension system on workers' retirement income security and job commitment, and to verify the mediating effect of corporate welfare satisfaction in the relationship between the retirement pension system's retirement income security and job commitment. Employees of domestic K-company, which have been implementing the retirement pension system since 2011, were surveyed, and 403 copies of the final data were analyzed using SPSS 22.0. The analysis results are as follows. First, as the sub-factors of the retirement income security, the guarantee of the retirement benefits right and the income replacement rate had a significant positive(+) effect on job commitment. Second, as sub-factors of the retirement income security, the income replacement rate and customized retirement design had a significant positive(+) effect on corporate welfare satisfaction. Third, corporate welfare satisfaction had a significant positive(+) effect on job commitment. Fourth, it was found that the relationship between the income replacement rate and job commitment, which are sub-factors of retirement income security, is mediated by diversity and the level of benefits, sub-factors of corporate welfare satisfaction. Based on the results of this study, it was confirmed that the implementation of the retirement pension system enhances the employee's job commitment and corporate welfare satisfaction, and is also important for corporate management.

• Journal of Labour Economics
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• v.38 no.4
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• pp.1-29
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• 2015

The Individual Retirement Pension (IRP) enables workers to continuously receive a retirement pension even when workers change their jobs in different companies and so it performs a bridge fund as the complimentary living expenses until they receive government public pension. Although the Korean government has forced workers to maintain an IRP account until their retirement age and to close their accounts only when they want to do so, it is not clear to measure its really effectiveness and, in fact, most of IRP accounts have been terminated immediately after the changes of their jobs. In this respect, IRP has not performed the bridge role for the future retirement pension income. We provide an economic decision-making model of both government and workers, where the retirement benefits related with the IRP are explicitly considered. Our model is required to select specific severance pay systems to maximize the income security and stability for their future old ages. It is concluded that the need of workers on the severance pay system is automatically revealed into the switch to IRP when workers are out from their current jobs, which is equivalent to the effect of gradually unifying the dual system of the retirement payment. In additoin, our empirical data indicates the relatively higher probability of termination on IRP for the older male workers having the more retirement deposit.