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KMID : 1124020040200020057
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Korean Social Security Studies
2004 Volume.20 No. 2 p.57 ~ p.80
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The methods for converting assets into income: Issues, consequences, and policy implications
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Hong Kyung-Zoon
Lee Sang-Eun
Kim Mee-Gon
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Abstract
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This study reviews the various issues that can be raised in converting assets into income flow, evaluates the effects of the asset converting system, implemented from 2003, using the Welfare DB data for the first quarter of 2003, and suggests policy implication immediately applicable from the analysis results. The asset converting system may have substantial impacts on eligibility decision and benefit level. It was introduced to improve the equity among the recipients. The results of the analysis of the Welfare Database showed that the converting system has increased the equity among the potential recipients. However, in the current system, if the disregard amount for general assets is greater than the general asset amount of a household, the remaining disregard amount for general assets are used in valuing bank assets. We found that this component of the system has induced unfair consequences among the potential recipients.
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KEYWORD
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Converting assets into income, The National Basic Livelihood Security, Eligibility decision
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