• Journal of the Korean Home Economics Association
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• v.48 no.6
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• pp.83-101
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• 2010

Using the first wave of KLoSA(Korean Longitudinal study of Aging) beta version, this study analyzed factors affecting retirement adjustment by elapsed time from retiree's retirement through Binary Logit and Multinomial Logit Analysis. Participants were 1,780 retiree. The main results of this study were as follows : First, The retiree's education(-), health status(-), region(+), dwelling type(-), monthly household income(-), employment type before retirement(+), retirement reason(+), and the elapsed time from retirement(-) were affected whether they satisfied with pre-retirement or not. Second, The gender(-), age(-), and the region(+) were affected whether they satisfied with life after retirement or not. Third, The gender(-), age(-), education(+), heath status(+), dwelling type(+), monthly household income(+), retirement reason(-), and the elapsed time from retirement(+) were affected on their satisfaction after retirement compared to pre-retirement. Last, The different factors affected the life satisfaction after retirement by elapsed time from retirement.

• Journal of Labour Economics
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• v.39 no.4
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• pp.57-78
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• 2016

This study analyzes economic behaviors of government employee pension subscriber's household by comparison to national pension subscriber's household. First, government employee pension subscriber's household income is higher than national pension subscriber's one. Second, household net assets of government employee pension subscriber are smaller than the ones of national pension subscriber. Government employee pension could crowd out private household savings, and a national pension subscriber's household inherited more than a government employee pension subscriber's. Third, a government employee pension subscriber's household is also likely to expend more than a national pension subscriber's household. Both summary statistics and fixed effects estimates give significant coefficients to government employee's dummy. Government employee pension subscriber's households do not need to save more because they expect to receive a stable retirement pension which gives relatively higher compensation. Thus, they are likely to consume more than national pension subscriber's households.

• Safety and Health at Work
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• v.11 no.3
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• pp.291-300
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• 2020

Background: The study aimed to determine the association of individual cognitive ability in late midlife with labor market participation among older workers. Methods: This prospective cohort study estimates the risk of long-term sickness absence, disability pension, early retirement, and unemployment from scores on the Intelligenz-Struktur-Test 2000R by combining data from 5076 workers from the Copenhagen Aging and Midlife Biobank with a register on social transfer payments. Analyses were stepwise adjusted for age, gender, physical and psychosocial work environment, health behaviors, occupational social class, education, and chronic diseases. Results: In the fully adjusted model, low cognitive ability (≥1 standard deviation below the mean for each gender) and high cognitive ability (≥1 standard deviation above the mean for each gender) were not associated with risk of any of the four labor market outcomes. Conclusion: Individual cognitive ability in late midlife was not associated with risk of long-term sickness absence, disability pension, early retirement, and unemployment in the fully adjusted model. Thus, no direct effect of individual cognitive ability in late midlife was observed on the risk of permanently or temporarily leaving the labor market.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.5
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• pp.279-290
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• 2020

This study examines how economic preparation for later life directly influences life after retirement. As people's life cycle is gradually getting longer, preparation for the later time with less economic activity after retirement is becoming more important. Thus, this study analyzes the factors influencing life after retirement. Data comes from the Korean Retirement and Income Study (KReIS) surveyed carried out by the National Pension Research Institute in 2015. The analysis includes Cronbach's alpha, Pearson Product Moment Correlation Coefficient and Sobel Test. This study confirms that voluntary retirement has a positive influence on life satisfaction. Results are in line with previous research about the relationship between voluntary retirement and retired life. When a person retires voluntarily, financial preparation can be made in advance for retirement. In case of involuntary retirement, people may experience a sense of loss in personal standing and financial difficulties due to the unexpected situation. Especially, early retirement from the main workplace leads to unstable later life. The study's policy recommendation, in particular, calls on government and businesses to agree on social responsibility for helping employees to retire in the predictable retirement time and, thus, enabling the retiree to decide all aspects of the path after retirement.

• Journal of Family Resource Management and Policy Review
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• v.18 no.4
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• pp.27-52
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• 2014

This study aims to investigate the financial soundness of Korean households and its effects on the retirement preparation of these households. The sample consisted of 1,031 households selected from the 4th Korean Retirement and Income Study (KReIS) by the National Pension Research Institute in 2012. The empirical results are as follows. According to the logistic regression model, the statistically significant factors affecting the retirement preparation of Korean households are gender, occupation type, residence, satisfaction with economic condition, and type of financial soundness-sound households or insolvency-risky households. In other words, more female-headed households and households with higher levels of occupation are less likely to prepare for retirement. The households that are more likely to prepare for retirement are those that are lived in metropolitan areas as opposed to the countryside; further, households that are more economically sound are also more likely to prepare for retirement. In particular, sound households and insolvency-risky households are less likely to prepare for retirement compared to liquidity-risky households.

• The Korean Journal of Community Living Science
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• v.26 no.1
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• pp.191-206
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• 2015

This study investigates the differences in retirement preparation and asset type in the elderly life of employees in their forties and fifties. Retirement preparation showed a score of 3.30, and the emotional preparation dimension of retirement preparations showed a slightly higher score. The retention of guarantee assets(insurance and, national pension) scored higher than other types of assets. There was a high correlation between economic preparation and the type of asset retention. According to the hierarchical regression analysis, economic preparation, monthly income, home ownership, and the education level had significant effects on assets retention, and the explanatory power of these independent variables was 39.7%.

• Korean Journal of Social Welfare Studies
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• v.43 no.2
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• pp.61-85
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• 2012

The purpose of this study is to examine whether the national pension affects the life satisfaction of old age, using the first and third-wave data from the Korean Retirement and Income Study. The study analyzes the relationship between the national pension and life satisfaction, using several operational definitions of these two variables. This study utilizes the Difference-in-Difference(2D) models and panel data analysis. The main results are : First, the result of simple 2D shows that there is not significantly difference between the pensioner and that of non-pensioner. Second, the result of 2D regression also shows that pension is not significantly associated with life satisfaction of the old age. Lastly, the result of fixed-effect model confirms that the national pension does not have a statistically meaningful effect on the life satisfaction, controling for the unobserved characteristics of the old age. This study also conducts sensitivity analysis and discusses policy implications.

• 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.

• 한국노년학
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• v.31 no.1
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• pp.15-31
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• 2011

The purpose of this study is to explore the transition to retirement of the middle-aged in Korea according to the notion of "the career job" and "the bridge job". In order to scrutinize basic elements for the transition, three aspects such as the job history of the middle-aged, the characteristics of the demographic and economic status were investigated through the one to three wave of Korean Retirement and Income Study(KReIS). In addition, the characteristics of the career job and the bridge job were analyzed by both descriptive statistics and the conditional transition probability. Moreover, the influential factors to the job status of the middle-aged were examined by the multi-nominal logistic regression. The results of the study are as followed: first, gradual retirement is increasing in the transition to retirement of the middle-aged in Korea. Over time, the career job is decreasing whilst bridge job is increasing. However, the quality of the bridge job is poorer than the career job in terms of wage, employment status, industry, and occupation. Lastly, the middle-aged who work in the bridge job have vulnerable characteristics, so they work in the bridge job to supplement their economic needs. The results can be influential in the adjustment of the labor policies for the middle-aged in Korea. Moreover, the partial pension system could be a good alternative since the pension system is needed to protect the vulnerable situation of the middle-aged in Korea.

• Korean Journal of Social Welfare
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• v.48
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• pp.7-41
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• 2002

This paper analyses the proposals contained in the British Government Green Paper, A New Contract for Welfare: Partnership in Pensions for low paid workers and the potential of the new rules to guarantee a decent income in old age. The UK pension system is a partnership between the State(providing the basic state pension and the SERPS), employers(providing occupational pension scheme) and private pension providers(providing personal pensions). Although the system needs to change, this partnership remains the right foundation. However, the pension Green Paper proposes substantial changes to second tier pension provision in the UK. In particular, the Government plans to replace the SERPS with a new State Second Pension. According to the Green Paper, this will result in "dramatically better pension provision for those earning less than ${\pounds}9,000$ a year" and through increased payments to private pension schemes, will also provide "extra help to those on middle incomes(${\pounds}9,000-{\pounds}18,500$ a year). Therefore, it discusses the general principles inherent in the design of the British pension system and analyses the balance of these principles is represented in the Green Paper. The paper then examines how the Government's proposals protect individuals from a means-tested old age. This paper finds that the Green paper's proposals add up to reinventing a new two-stage basic pension. However, two key features of a such a basic pension package are missing- an 'adequate' level of payment and comprehensive entitlement. Because of these missing principles we argue that the Green Paper's proposals incorporate for the low paid. The income from the basic pension and the secondary pension which is so near the means-tested minimum that little is gained in retirement from a lifetime of work and contribution. Indeed, the shift away from collective provision and the emphasis on individual responsibility will reinforce this inequality, so that many poor will continue to experience poverty in later life.