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KMID : 1001320160430040193
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Social Welfare Policy
2016 Volume.43 No. 4 p.193 ~ p.217
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Differential Mortality, Pension Reforms, and Old-Age Income Protection Effects of the National Pension
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Woo Hae-Bong
Han Jeong-Lim
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Abstract
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This study analyzes old-age income protection effects of the National Pension in South Korea, focusing on the effects of differential mortality and the `98 and `07 pension reforms. Despite limited life-time exposure to the pension scheme, it appears that the National Pension plays an important role in old-age income security for early cohorts. The National Pension shows significant income redistribution effects in terms of income replacement rates and benefit-cost ratios. However, men and higher life-time earners (the top 50% of the life-time income distribution) tend to gain more benefits in terms of absolute measures such as monthly benefit amount and net transfer. With respect to the impacts of the `98 and `07 reforms, overall women and low life-time earners experience more negative effects. Although the effects of those pension reforms across income strata show mixed results in terms of monthly benefit amount and net transfer, the past reforms are expected to have more negative impacts on women even in terms of absolute measures for both income strata.
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KEYWORD
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National Pension Scheme, life-time income, differential mortality, pension reform
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