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KMID : 1124020130290040001
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Korean Social Security Studies
2013 Volume.29 No. 4 p.1 ~ p.54
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Evaluating the Reform of National Pension System in 2007 - Long-term Analysis of Adequacy of Public Pension using Dynamic Micro-Simulation Model -
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Kwon Kyuk-Jin
Shin Woo-Jin
Han Jae-Myung
Jung Dong-Jin
Ryu Jae-Rin
Park Chung-Ryeol
Kim Kyun
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Abstract
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This study developed a micro-simulation model, MMESP (Micro-simulation Model for Economic and Social Policy in Korea, ver. 1.0) to project long term policy effects of the gradual reduction of income replacement rates which was a core measure of the 2007 National Pension System reform. As it was expected, we found that although the income replacement rate reduction improves the sustainability of the public pension fund, it also deteriorates the adequacy of the pension. We also found that this reform has relatively bad effects to low income classes, i.e, making them worse off; that elder generation`s poverty problem becomes worse than before; that redistribution effects of public pension in/between generations become worse, compared to the without-reform case; and that burdens both of low income classes and late-comer generations are expected to be heavier than before.
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KEYWORD
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Dynamic Micro-simulation model, National Pension Scheme reform, the elderly poverty, Adequacy
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