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KMID : 1124019970130020001
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Korean Social Security Studies
1997 Volume.13 No. 2 p.1 ~ p.32
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A Strategy for Reforming the Financial Structure of the National Pension System in Korea
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Abstract
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The National Pension System of Korea has a serious finanacial problem in the long run. This is caused by the excessive intergenerational distribution, rapid demographic transition and rapid increase of income. Therefore the income security system is under increasing pressure for structural reform.
This study analyzes the policy measures adopted generally in some developed countries for the financial stabilization of the pension system, and examines the policy mix most appropriate to the given country´s circumstances.
For consolidating the National Pension System of Korea this study propose the four major strategies: enhancing the equivalence principle (or enhancing capital funding element), adequate reduction of benefit levels, gradual raising the retirement age and contribution rates through introduction of an actualrial estimate system.
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KEYWORD
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