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KMID : 1124020050210010031
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Korean Social Security Studies
2005 Volume.21 No. 1 p.31 ~ p.58
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A study on calculating the appropriate contribution rate and designing for national minimum guarantee by NDC
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Min Hyo-sang
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Abstract
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The purpose of this article is to present the Notional Defined Contribution model as a new paradigm for dealing with pension systems in Korea, resulting from the application of the Swedish NDC method. There has been much discussion on the topic of pension innovation in Korea. The issues have only concerned parametric reform and privatization reform, however, and the discussion has not reached the alternative solution of NDC corrosion protection. Therefore, I have researched the possible effects of employing the NDC method reforms in Korea. The conclusion that the current system cannot last can be drawn. Therefore, I calculate new optimum insurance premium rate of NDC method. And this study presumes the number of recipient on the national basic livelihood security system to maintain income redistribution function of public pension. The reform of NDC method is expected to be able to solve finance crux, early retirement, problem of informality part in labor market, and payment exception person problem. In conclusion, this dissertation presents that the NDC pension reform model can be successfully adopted in Korea as the third paradigm.
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KEYWORD
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national pension(old-age pension), pension reform, notional defined contribution(NDC) reform model, national minimum
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