• Journal of the Korean Home Economics Association
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• v.30 no.2
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• pp.159-169
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• 1992

This study attempted to analyze the psychological anxiety of middle-aged men who expect to retire in order to bring up the problems of present retirement system, and suggest more desirable solutions connected with social welfare. The subjects of this study consisted of "non retirement group", aged 40-44(N=70) and "retirement group", aged 50-54(N=60) who were full-time employees in the small and medium enterprizes. The psychological anxiety levels of the two groups were assessed by the Spielberger's State-Trait Anxiety Inventory(STAI) composed of 40 items. The major findings are as follows. There were significant differences in both trait and state anxiety between the two groups. The retirement group reported the higher level of both trait and state anxiety than the non retirement. And there was significant difference in "increased anxiety level by retirement"(state anxiety-trait anxiety) between the two groups. The retirement group reported the higher level of increased anxiety than the non retirement group. The state anxiety of the retirement group was significantly different by the retirement-related factors such as health state, the presence or absence of leisure activity and plan for later life, etc. The opinion of the two groups on the present retirement system was generally negative. The two groups prefered the voluntary retirement to involuntary retirement and considered that the retirement time must be prolonged to the age of 60 or 65.

• 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 the Korea Contents Association
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• v.19 no.1
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• pp.174-186
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• 2019

This study was designed to examine the demographic, economic and organizational characteristics of wage peak workers in public enterprises and their relationship between wage peak system and retirement, which is faster than other areas where the number of elderly workers is growing. The study targets 211 wage peak workers in 19 public enterprises engaged in the wage peak system, considering the level of aging and the size of wage peak workers. According to the demographic and economic characteristics, the results of the study showed that the education level, household income, post retirement cost, retirement saving and investment amount had an effect on wage peak satisfaction, wage peak acceptance, retirement preparation and retirement attitude. Next, aspects of organizational characteristics, there were differences according to position, job title, working period, remaining retirement age, participation in retirement preparation program and wage peak application. Based on these findings, effective wage peak system for the aged society was required to discuss the need for follow-up research by job group, position rank, economic level, and educational level of aged people such as welfare, education and former support.

• 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 Families and Better Life
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• v.27 no.1
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• pp.1-16
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• 2009

Using the 2007 Fund Investors Survey, we investigated (1) the differences in economic status in terms of household income, consumption, saving, assets and debts, (2) the differences in financial management behavior, (3) and the differences in confidence in economic status after retirement between households conducting and not-conducting financial preparation for retirement. The major study findings were as follows. First, only 46.4% of the households were financially preparing for retirement. The levels of income, consumption, and saving were higher among households conducting financial preparation for retirement than among those not-conducting such financial preparation. Second, households conducting financial preparation for retirement had a relatively high propensity to save. Their financial asset portfolio had a higher weight in safety assets and investment assets than in retirement assets. Due to their lack of confidence in their economic status after retirement, their demand for financial preparation for retirement remained. Third, the households which did not conduct financial preparation for retirement tended to have a relatively heavy debt burden and not to implement general household financial management practices. Fourth, among the three-pillar retirement income system, the second pillar, of individual retirement account was not well established. Based on these results, various implications were suggested.

• 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.

• Journal of Labour Economics
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• v.37 no.3
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• pp.101-122
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• 2014

This paper empirically estimates the decision of aged workers related to the retirement decision. Using the supplemental survey for aged people of the Korean panel data set, the paper analyses the correlation between the retirement decision of middle-aged people (aged 50 years or older) and personal characteristics and job characteristics of main jobs that aged people had worked, particularly focusing on the mandatory job retirement regulation and its regulation of retirement ages. The empirical results show that the regulated retirement age is more important than the existence of mandatory retirement system in related to the workers' retirement decision.

• Korean Journal of Social Welfare
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• v.42
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• pp.169-198
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• 2000

This paper attempts to analyze the early retirement in the OECD countries and discuss implication of that in the old age policy in Korea. The increase of the early retirement in the almost all OECD countries is a common fact. Especially the rate of early retirement rapidly increased in the 1980s, mostly reflecting the high rate of unemployment and states' policies to reduce it. However, it varies across countries: the unemployment compensation pathway in France, the mixture of social assistance and private insurance in England, VUT in Netherland, the privatization of the early retirement in the U. S., and partial retirement and labor market policy in Sweden. The early retirement in the advanced countries contributes to de-institutionalization and de-standardization in life course model. It resulted in the erosion of the ordinary conception that the retirement was the beginning of the old age. And the last phase of life course became blurred. With respect to the problem of the early retirement, there is a big difference between Korea and the OECD countries. Above all, the retirement age is 55 years in many companies and the public pension is not universalized in Korea. Accordingly the policy for income security of the old age in Korea should be connected with social security policy such as the gradual extension of the retirement age and the expansion of the public pension and labor market policy such as job training for the old age, transformation of the seniority wage system etc.

• East Asian Journal of Business Economics (EAJBE)
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• v.1 no.3
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• pp.71-84
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• 2013

Purpose: The South African government is determined in alleviating poverty while encouraging job creation and protecting the disposable incomes of poor households. This article looks at the challenges that are facing the South African Social Security system and argues that the provision of income security is amongst the most practical expressions of a nation's cohesion and values. Research Design, Data and Methodology: There are seven proposals in the Social Security and Retirement Reform and these proposals are based on the following two principal objectives of the government, that is, to ensure a basic standard of living and to prevent destitution in old age or in circumstances of unemployment or incapacity partly or wholly through redistributive measures, and to encourage savings to provide for the replacement of income on retirement, disablement or death through long-term insurance arrangements. Results: This article evaluates these seven proposals, state old age pension, wage subsidy, mandatory participation in a national social security system for all, mandatory participation in private occupational or individual retirement funds, Voluntary additional contributions to occupational or individual retirement funds, reform of the governance and regulation of the retirement funding industry and reform of the tax system. Conclusion: This article concludes that the population size of South Africa has increased significantly to 51, 8 million in 2011 and therefore the time is right for bold new steps in improving income security of the poor and strengthening the fabric of social solidarity that binds all South Africans together.

• Korean Journal of Social Welfare Studies
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• v.42 no.4
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• pp.295-327
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• 2011

Although there are many studies on the retirement recently, very few studies have empirically addressed on mandatory retirement. In Korea, several scholars suggest that the seniority systems may be the main reason that employers have been reluctant to hire older workers. Therefore, the seniority system that Lazear(1979) proposed has significant implication on explaining mandatory retirement in Korea. Thus, this study aims to examine the seniority system that Lazear proposed can explain the retired employees' mandatory retirement. The empirical study is based on Korean Longitudinal Study of Ageing. wave I-II. The main result from this analysis is that interaction between wage and job tenure on mandatory retirement is statistically significant. For employees with high wage growth rates, the probability of mandatory retirement rate is higher as their job tenure is longer. On the other hand those employees with wage growth rates, that is lower although their job tenure is longer. This study supports the assertion of Lazear(1979).