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KMID : 1124020130290010059
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Korean Social Security Studies
2013 Volume.29 No. 1 p.59 ~ p.88
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A Study on Improving the Payment Schemes of Disability Benefits in the Workers’ Compensation Insurance Program
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Lew Keun-Ock
Ma Seung-Ryul
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Abstract
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The paper analyzes unfair gap in the present values of benefits paid to different classes of the disabled in the worker`s compensation insurance program. In particular, the study focuses on unfairness in benefits paid to class 7 disabled workers who receive benefits in the form of pension and class 8 disabled workers who can not but take them in a lump sum. From the analysis results, the paper suggests a better and financially feasible alternative which can reduce the unfairness between different classes of disability. The payment scheme of the worker`s compensation insurance is also examined in comparison with those of the other public insurance programs to highlight unfair difference in benefit levels. In addition, this study recommends that a pension-type benefit should be also given to the less disabled workers who are assigned to class 8 through class 14. It is also shown that an increased financial burden created for improving benefits of the less disabled classes can be offset by reducing excessive benefits currently being paid to the highly-disabled workers assigned to class 1 through class 7.
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KEYWORD
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workers` compensation insurance, social security, pension, Lump sum, disability class
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