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KMID : 1001320150420040127
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Social Welfare Policy
2015 Volume.42 No. 4 p.127 ~ p.151
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Does the National Pension Scheme Violate Intergenerational Equity? A Fresh Look at the Generational Equity of the National Pension Scheme Based on the Current Generation`s Double Payment Problems
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Kim Yeon-Myung
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Abstract
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This paper critically looks at the argument that generational equity problems arise due to intergenerational differences in “benefit-cost ratio” of the National Pension Scheme and points out the fundamental problems of the argument that it fails to consider the private transfers within the families. In order to reinterpret the generational equity problems of the pension system, I reconstructed the concept of the double payment problems in the Korean context. And using a panel data, I analyzed the size of the double payment, historical trends, and generational differences. As a result, it shows that the current working population is exposed to a tremendous burden of double payment. Considering this double payment burden of the current working populations, we can say that the distributional effects of the existing National Pension Scheme does not violate intergenerational equity, but rather encourages it.
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KEYWORD
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double payment, private transfers, National Pension Scheme, generational equity
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