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KMID : 1124020090250030201
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Korean Social Security Studies
2009 Volume.25 No. 3 p.201 ~ p.219
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Korean Civil Service Pension: Comparison to OECD High Income Countries and 2009 Reform
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Bae Jun-Ho
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Abstract
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Enacted in 1960, the civil service pension(CSP) is the first occupational pension introduced in Korea. It has been managed differently from the national pension, which was introduced in 1988 as a type of social security pension. Korean civil servant’s salary and severance pay level is lower than those workers in private sector. However, according to a study that estimated lifetime income(sum of working period salary and the retirement benefit) between representative civil servant and private sector worker, a civil servant’s lifetime income may be about two per cent to 7.6 per cent higher. We expect this situation favouring civil servant in litetime income may be similiar with other OECD high income countries’ one. Perhaps Korea and Japan may be the countries civil servant’s superiority to comparable private sector worker in lifetime income could be accounted relatively little than other OECD countries, not may be least. Also this paper compare major parameters of Korean CSP with those of OECD high income countries’ one. Lastly the important changes included in 2009 Korean CSP reform bill and some unknown episodes of this reform are outlined.
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KEYWORD
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Civil Service Pension, Pension Reform, National Pension, Retirement Income, Lifetime Income
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