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KMID : 1124020150310040227
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Korean Social Security Studies
2015 Volume.31 No. 4 p.227 ~ p.252
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An Evaluation of the Korean Civil-Service Pension Reform and Its Development Plan
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Jung Chang-Lyul
Kim Jin-Soo
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Abstract
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The paper aims to evaluate the Korean Civil-service Pension Reform in 2015, suggesting its policy implication. Even though the reform focused on financial improvement, the improvement would be partial in the long term because it tried to solve the problem throughout the increase in contribution rather than reduction in benefits. Its limitation on financial problem was not to deal with various alternatives to improve its finance deficits except for contribution rate and benefit level. Although the Civil-service Pension had many institutional problems as well as financial ones, this reform did not fundamentally solve the mix between excessive and insufficient security within a system. Although the Social Compromise Institution had been operated for three months, it exposed the limitation in that it did not even solve the basic principles as a social security system. At last, this reform is regarded as a sort of progress in a procedural way as compared with the past reforms but, it can be evaluated that it did not suggest its fundamental solutions in the financial and institutional perspectives.
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KEYWORD
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Civil-service Pension, pension reform, financial improvement, reform evaluation
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