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KMID : 1124020150310040029
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Korean Social Security Studies
2015 Volume.31 No. 4 p.29 ~ p.51
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Social Security Effect of the Occupational Pension Policy in South Korea
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Kim Soo-Wan
Park Sung-Min
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Abstract
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This study analyzed the social security effect of the policies under discussion to activate the occupational pension in South Korea, focusing on long-term projection of the take-up rate. The results revealed that the strong policy to make the introduction of occupational pension mandatory to wageworkers would not be enough to increase the pension recipients significantly even in the long term due to the high rate of non-wageworkers and frequent transition from wageworkers to non-wageworkers. The study showed that the take-up rate would increase enough if people continue to insure the Individual Retirement Account even after the labor market transition, and if existing retirement allowance record can be retroactively transferred to occupational pension in addition to the mandatory measure. It suggests that it takes long time to increase the recipients of the occupational pension and needs the more active role of the government.
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KEYWORD
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occupational pension, private pension, take-up rate, policy effect, long-term projection modeling
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