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KMID : 1001320150420010103
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Social Welfare Policy
2015 Volume.42 No. 1 p.103 ~ p.134
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A Study on the Sustainable Securement Strategy of the Public Pension System: Focusing on the Contribution-based Extension Strategy
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Yoo Hee-Won
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Abstract
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This study was conducted to empirically review the influence of the contribution-based extension strategy on the sustainability of the public pension system and deduct political implications. Based on its results, reform strategies required for construction of a sustainable pension system were sought for countries that need to break away from the financial stability centered system like Korea. As a result of an analysis, the contribution-based extension strategy with characteristics of social investment such as family policies, active labor market policies, and services for the elderly was found to have positive effects on the adequacy, financial stability, and sustainability, which signifies the balanced state of two parties, of the public pension system. It implies that the contribution-based extension strategy is a more fundamental alternative that improves the long-term sustainability of the public pension system, compared to the existing financial stability measures or adequacy securement measures. In Korean society, not only was the adequacy of old-age incomes severely damaged after repetitive financial stability measures but also the original goal of a reform, the financial balance, was not properly accomplished yet. Therefore, new reform strategies need to be established, breaking away from the past reform strategy focusing on the immediate actuarial balance. In the regard of lowering the average age of future population structure, increasing working population who are able to pay social insurance premiums, and improving the national productivity, the contribution-based extension strategy is expected to act as a sustainable alternative that stably maintains the gap between ``incomes (contribution) and expenditures (benefits)`` of the public pension system.
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KEYWORD
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Contribution-base extension strategy, Adequacy, Fiscal stability, Sustainability, pooled time series cross-section analysis
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