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KMID : 1124020050210010201
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Korean Social Security Studies
2005 Volume.21 No. 1 p.201 ~ p.231
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Study on Compensation Pension Scheme for Patriots & Veterans in Korea
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Kim Yong-Ha
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Abstract
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The Compensation Pension Scheme for Patriots and Veterans (CPSPV) is a pension scheme designed to compensate those who contributed and sacrificed for the nation building such as patriots and veterans. Despite its historical justification and need, some problems of the CPSPV have been raised in terms of equity and security of the scheme. Recently, with the rapid ageing of the pension beneficiaries and the enhanced level of welfare of general public, the need to reform the CPSPV has been highlighted. In this regard, the main purpose of this Paper is to analyze pertinent problems of the CPSPV and to present the general direction of reform. The Paper recommends the integration of basic pension and supplementary pension, and simplification of benefits system. This Paper also proposed a systematic benefit calculation formula that reflects the degrees of sacrifice and contribution and recommended an upward adjustment of level of pension benefits which is to be adjusted every year by indexing to some relevant indicators. The financial requirements to carry out all these reforms have been estimated and presented in this Paper too. The Paper recommended that the reform of CPSPV should be implemented as soon as possible without any delay and stressed the need to protect the pension rights of the existing beneficiaries. To minimize any adverse impact of reform, the Paper proposed that reform should be carried out gradually over several years through step-by-step approach.
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KEYWORD
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Compensation Pension, Patriots and Veterans
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