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KMID : 1124020090250040129
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Korean Social Security Studies
2009 Volume.25 No. 4 p.129 ~ p.159
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Redistributive Effects of the Alternative Old Age Income Security Systems in Korea
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Lee Sang-Eun
Jeong Chan-Mi
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Abstract
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Two alternatives for the old age income security system have been suggested in Korea. One alternatvie is to increase financial sustainability of the national pension system and also to introduce a supplemental basic income security system for the elderly. The other alternative is to establish dual systems of a basic pension system and an income related pension system. This study simulated the distributional effects of two alternative old age income security systems. The results of the analyses of the average gains and the benefit/tax ratio by the docile income groups showed that the first alternative system produced some advantages for the lowest docile groups and the highest docile group and that the second alternative system produced some advantages for the middle income groups. The results of the analyses on the poverty indices and income inequality indices showed that the redistributive effects were similar between two alternative systems. And this study also found that the funding methods for the basic income security, including the uniform tax rate, the income tax rate, and the mixed tax rate, have affected not the relative order of but the size of the redistributive effects of two alternative old age income security systems.
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KEYWORD
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old age income security, national pension, basic income security, income redistribution, benefit/tax ratio, proceed, poverty
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