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KMID : 1001320200470030205
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Social Welfare Policy
2020 Volume.47 No. 3 p.205 ~ p.225
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A Study on the Old-age Pension Beneficiaries who are engaged in Income-earning Activities
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Kim Hye-Jin
Shin Seung-Hee
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Abstract
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When an Old-age Pension beneficiary aged 60 or older but less than 65 is engaged in income-earning activities, he or she shall be paid the pension amount obtained by subtracting the amount calculated in accordance with the National Pension Act. This study aims to investigate characteristics of old-age pension beneficiaries who are engaged in income-earning activities and to analyze the lifetime amount of benefits, benefit-cost ratio, and the retirement income-replace rate of the beneficiaries in income-earning activities.
The following results are found. The insured period of beneficiaries who are engaged in income-earning activities is around 20 years. Also the average monthly income of beneficiaries who are engaged in income-earning activities is around KRW 3,178,000. The average benefit-cost ratio of beneficiaries who are engaged in income-earning activities is 2.8. Also, the average retirement income-replace rate of the beneficiaries in income-earning activities is 21.8%. Lastly, the average lifetime amount of benefits of beneficiaries who are engaged in income-earning activities is around KRW 202,000,000(present value in 2019).
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KEYWORD
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Old-age Pension beneficiary, engaged in income-earning activities, Pension deduction
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