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KMID : 1001320170440030039
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Social Welfare Policy
2017 Volume.44 No. 3 p.39 ~ p.68
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Exploring Ways to Improve Work Incentives of the National Pension Scheme for Older People
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Jung In-Young
Min Ki-Chae
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Abstract
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This study explores ways to improve work incentives of the National Pension Scheme (NPS) for older people. First, the study examines the current situation of the work incentive policies of the NPS and problems with them. Second, it analyzes the cases of other countries including Germany and France and draws policy implications from them. Third, the study suggests future directions and comprehensive policy measures for improving the work incentives of the scheme. The study suggests as follows: The regulation on the reduction of old-age pension benefit when pensioners have income from work needs to be abolished first. Afterward, the requirement for receiving early retirement pension needs to be strengthened and criteria for earings test for pensioners needs to reconsider. At the same time, the introduction of partial pension needs to be reviewed for those who have income from work. Finally, it needs to consider raising the current upper age limit for the NPS, i.e. 59.
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KEYWORD
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National Pension Scheme, work incentives, upper age limit of NPS, early retirement pension, partial pension
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