• Journal of the Economic Geographical Society of Korea
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• v.21 no.2
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• pp.156-172
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• 2018

Recently, Korea suffered serious social conflicts between generations due to population aging. Anxiety about depletion of the National Pension Fund is one of the social problem to young generation, because of the uncertainty that they will not able to receive the pension they paid. At the same time, due to the high housing rent in Seoul metropolitan area, the demand for housing welfare and supply of public rental housing for young generation was increased. There are some opinions about using National Pension Fund to supplying public rental houses in the society. In this research, we were concentrated on finding the suitable areas for the public rental house using National Pension Fund. First, verifying the validity of the investment using National Pension Fund for the public rental housing was done. And spatial statistical methods were applied to explore the suitable areas for the public rental housing in Seoul metro area. Finally, this study divided young people into three groups and analyzed ways to supply public rental housing for each group in proper areas by their demand. This research's ultimate goals are mitigating the conflicts between the generations and achieving both profitability and publicness of National Pension Fund.

• Journal of Families and Better Life
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• v.30 no.2
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• pp.137-152
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• 2012

The graying of populations is emerging as an international issue around the world, and this is a problem that is rapidly advancing in Korea as well, signaling the need for financial preparations for the aged. For this purpose, various retirement pension systems are being employed as preparatory measures for the nation's elderly. Using data from 1474 people in the 2007 panel study of National Security for the Retired, the present work attempts to look at satisfaction rates with regard to public pension receipts for the national pension and special occupational pensions according to general characteristics and factors related to the preparation for an aging society. Satisfaction with retirement pension receipts according to the type of pension was high for special occupation retirement pensions, individual retirement pensions and the national retirement pension, in that order. Looking at satisfaction rates based on the general characteristics of pension recipients, the study revealed that for the national pension, satisfaction was highest for groups with above-average physical and psychological health, groups who think appropriate living expenses for the elderly are lower, groups in which a partner also earns income, and groups who had amply prepared for their expected living expenses in later life. Regarding special occupation retirement pensions, satisfaction was high for groups over the age of 70, groups with good psychological health, and groups sufficiently prepared for their living expenses in later expenses, compared to groups for which these factors did not apply. In terms of the relative influences impacting retirement pension recipient satisfaction, satisfaction with the national pension was highest when the primary source to cover elderly living expenses was a resource other than income earned by the recipient and their partner and/or income received from children. Concerning special occupation retirement pensions, satisfaction was highest among those whose education terminated before middle school, and for those in good physical health. Based on the above results, it is vital that plans exist for preparing sufficiently for the living expenses of the elderly and for facilitating the physical and psychological health of pension recipients. Plans are also necessary to, ensure that citizens are provided with easily accessible educational programs and activities regarding general installment savings and deposits, stocks and bonds, real estate investments, individual retirement pensions, private insurance, severance pay pensions, and public pensions.

• The Korean Journal of Applied Statistics
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• v.28 no.4
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• pp.827-845
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• 2015

This study evaluates and suggests a new reform plan that overcomes the limitations of the Government Employees Pension Scheme (GEPS) reforms in 2015. Research results indicate that the reforms were insufficient in terms of financial sustainability, functional transparency, and equity. Debates on the GEPS reforms will continue until an equitable solution is found. The priority of the next reform plans should lie in the unification of public pension schemes. In contrast to previous reform proposals, this study suggests a reforms plan, which should result in not the parametric change but the structural change in GEPS. The distinctive point of the new reform plan lies in translating a single-tire into a multi-tire pension system. Accordingly, the new GEPS should consist of a 'National Pension Scheme (NPS)', occupational pension (additional pension), and retirement allowance. Newly appointed government employee officials should be enrolled in the NPS. This study stresses that inequality between the public pension systems will be alleviated and a pension system of social solidarity will be established when the NPS develops in to a basic old age income security system for all citizens including civil servants.

• The Korean Journal of Health Service Management
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• v.14 no.1
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• pp.123-136
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• 2020

Objectives: This study aimed to analyze the factors influencing the life satisfaction of retirees(n=1,919) in one-person and multi-person households using the 2015 wave of the Korean Retirement and Income Study, collected by the National Pension Service. Methods: Frequency analysis and χ2-test were performed to examine the general characteristics and relation between one-person and multi-person household retirees. Logistic analysis was conducted to examine the factors affecting life satisfaction. Results: Public pension income was a statistically significant factor affecting life satisfaction, economic, health, and life in multi-person households. Conclusions: To improve life satisfaction after retirement, selective insurance benefits are needed depending on the type of household. Moreover a policy for expanding labor market participation is needed.

• KDI Journal of Economic Policy
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• v.41 no.2
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• pp.41-58
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• 2019

Health capacity to work for the elderly is an essential piece of information for designing social policies in an aging society. Here, we assess the health capacity to work of older men in South Korea and provide a cross-country comparison. Following the methodology proposed by Milligan and Wise (2012), which uses the cohort mortality rate as a proxy for overall health status, we quantify the additional employment capacity of current older men in reference to the mortality-employment relationship of a generation ago. Despite the high employment rate of older men in South Korea, we find substantial additional employment capacity among older men (those aged 55 or more) as of 2016 comparable in size to those found in other advanced countries. We also find evidence that older men are not merely capable of working but are also willing to work, and many of them are increasingly combining pension income and work. These findings suggest that labor supply disincentives for older men embedded in public pension systems in South Korea need to be thoroughly reexamined and adjusted accordingly lest they should inhibit the labor supply of older workers.

• 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.

• Korean Journal of Social Welfare
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• v.66 no.1
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• pp.61-85
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• 2014

Lately, as the problem of the aged poverty becomes a big social issue, this paper studies the problem of financial stability with respect to the income and consumption of before-and-after retirement generations. After dividing the data in Korean Longitudinal Study of Ageing(KLoSA) into retired and non-retired groups, this study compares the difference among ageing groups by cross analysis and t-test. First, the result tells that the total personal income of retired group is lower than the one of non-retired group. Second, the public pension income benefit ratio of retired group is only 30% of it's total income, and the amount of public pension appears to be 40% of the total pension income. The benefit ratio of the personal pension income is low as about 1% in both groups, The private transfer income of the retired group takes relatively large portion in its total personal income. Third, as people gets older, financial stability gets worse because consumption does not decrease as much as the income decreases. Fourth, it is turned out that the expectation of old life supporting from nation is low in both groups. Fifth, the factors that affects the income of the public pension in the retired group are gender, age, education, and health status, when compared with the factors to the personal total income of the non-retired group. In terms of policy, this paper emphasizes the needs of the intensification of the public pension and the support for the revitalization of the personal pension.

• International Journal of Human Ecology
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• v.5 no.1
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• pp.97-115
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• 2004

This paper first introduces the U. S. pension system and its current trends. Then the following two sections discuss the research on worker behavior of defined contribution plans, a popular pension plan available for American workers in recent years, and the adequacy of retirement income among American people. The last section is a summary. This paper reviews the trend of the U. S. pension system, research on worker's behavior of defined contribution retirement plans, and studies on retirement income adequacy. These themes may have common or different features in other countries, such as Korea. This paper provides helpful information for private and public policy makers and researchers of these topics in Korea to advance their understanding of pension and retirement behavior and facilitate effective policy making of pensions and retirement.

• 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.

• 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.