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KMID : 1124020140300020401
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Korean Social Security Studies
2014 Volume.30 No. 2 p.401 ~ p.431
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Gender and Birth Cohort Differences in Take-up and Benefit Adequacy in the Korean National Pension System
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Han Jeong-Lim
Woo Hae-Bong
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Abstract
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In addition to investigating both the take-up and benefit adequacy of the Korean national pension program, this study improves the accuracy and representativeness of results by using a sample from the Korean National Pension Database combined with a sample of cohort members without contribution histories at baseline. This study finds substantial variation in take-up and benefit level across gender and birth cohorts. The data indicate that take-up rates remain low among those born in earlier cohorts, in particular women. However, cohort members born after 1970s show much higher take-up rates, indicating that benefit adequacy could be a more fundamental issue in old-age income security. Finally, the results indicate that the Korean national pension program faces the dual challenge of benefit inadequacy and long-term fiscal instability due to the unbalanced contribution-benefit structure combined with fast population aging.
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KEYWORD
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Korean National Pension, take-up, benefit adequacy
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