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KMID : 1001320200470030181
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Social Welfare Policy
2020 Volume.47 No. 3 p.181 ~ p.203
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Did the introduction of the Basic Pension affect the labor force participation of the Korean elderly?
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Chun Mi-Ae
Kim Jung-Hyun
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Abstract
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This study examined how the labor force participation of elderly changed after the introduction of the basic pension, introduced in 2014 to support stable income and life stability for the elderly. Data from two waves of the Korean Longitudinal Study of Ageing (KLoSA) in 2012 and 2016 were analyzed. Based on the model of labor-leisure choice, we examined 1) the changes in the rate of labor force participation of the Basic Pension Beneficiaries compared to non-beneficiaries between 2012 and 2016, 2) the characteristics of the group of beneficiaries who continue to participate in (or discontinue) labor force participation even after the introduction of the Basic Pension, and 3) the factors affecting the working status of the elderly in 2016. The results confirmed that the rate of labor force participation of the elderly decreased between the two periods across the groups. However, whether of not to participate labor force in 2016 was related to other variables (e.g. age, health status, residence area, living with adult-children, private and public transfer income) rather the Basic Pension benefit. Practical implications are suggested based on the results.
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KEYWORD
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Basic pension, Labor force participation, Model of labor-leisure choice, Elderly
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