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KMID : 1124020090250020055
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Korean Social Security Studies
2009 Volume.25 No. 2 p.55 ~ p.85
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The Inequality and the Polarization of After-retirement Income and Redistribution Effect of Public Pension on the Income of the Old-Aged
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Kang Sung-Ho
Lim Byung-In
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Abstract
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We analyzed the income and the asset inequality, the polarization, and the after-retirement income distribution effect of the public pension of the old people with the 1st wave of the KReIS (Korean Retirement and Income Study). The empirical results are as follows: first, old-aged recipients have more income than non-recipients of the public pension. Their Gini coefficient and Wolfson index are lower than those of non-recipients, while the deciles distribution ratio of the recipients is higher than non-recipients. Second, the degree of the inequality and the polarization of the recipients in terms of the couple is also lower than non-recipients. Third, comparing measures of the old people above 60 years, including the non-recipients, with measures of the recipients of the public pension, the latter has higher positive effect on the income distribution and the polarization than the former, with respect to the public pension schemes itself. Fourth, the older people over 60 years, the more the income security effect, the income distribution effect, and the polarization have been deteriorating. These results imply that the after-retirement income policy had better focus on the old people in the present, for the longer the national public pension system, the more the income distribution, the polarization, and the income security effect are being improving. In this context, the basic old-age pension system, which was introduced in 2007 and has been implemented since 2008, is worth a good and proper policy for the old people.
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KEYWORD
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Polarization Index, income inequality Index, Schutz coefficients, Public Pension
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