|
KMID : 1124020150310020001
|
|
Korean Social Security Studies
2015 Volume.31 No. 2 p.1 ~ p.35
|
|
|
A Projection For The Ratio Of Early Old-Age Pension In Korea -Using The Option Value Model-
|
|
Kwon Kyuk-Jin
Shin Kyung-Hye
|
|
|
Abstract
|
|
|
|
It is assumed that the future ratio of early old-age pension will be the same as that of the past few years in the current financial projection model of National Pension. Therefore, it does not explicitly take into account the effect of the extension of the pension age. This paper analyzes the effect of extending pension age for the financial incentive of the middle-aged’s retirement decision through the option value model and micro-simulation model, and projects a ratio of early old-age pension. The results are as follows. First, it reinforces the rationale for the results of the current financial projection model. Second, this new methodology has the advantage in that it can be used to consider various socio-economic factors on a retirement decision. Third, if we’re trying to reduce the incentive for the early old-age pension benefit, it is desirable to allow the pension participation of those aged between 60 and 64-age.
|
|
|
KEYWORD
|
|
|
Early Old-Age Pension, Option Value Model, Financial Incentive
|
|
|
FullTexts / Linksout information
|
|
|
|
|
|
Listed journal information
|
|
|