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KMID : 1124020150310010205
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Korean Social Security Studies
2015 Volume.31 No. 1 p.205 ~ p.231
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Social Risk Management And The Variability Of Korean Family Incomes
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Jang Hyo-Jin
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Abstract
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The Social risk management framework suggests that a society can deal with increased economic insecurity by mitigating, preventing, coping risks through institutional arrangements, mainly government, market and family. Even though many empirical researches point out the level of social risks in Korea is soaring after the financial crisis in 1997, measured economic insecurity proxied by income variability at the household level has been decreased. This paper argues diminishing income variability in Korea is due to stabilized labor income, while rejecting other hypotheses which emphasize increased role of government or families in social risk management. Results of analysis by the level of income and the employment status of the household head indicate that the level of income variability in the low-income families is much higher than the high-income families and families whose heads are not working or have unstable jobs show higher income variability. Based on the research findings, this study suggests to strengthen social risk management by expanding effective active labor market policies and social security systems.
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KEYWORD
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social risk management, income variability, economic insecurity of Low-income families
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