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KMID : 1124020160320010057
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Korean Social Security Studies
2016 Volume.32 No. 1 p.57 ~ p.82
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An Analysis on Inequality Contribution by Income Sources of Middle- and Old-aged Housebolds
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Lim Byung-In
Kang Sung-Ho
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Abstract
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We analyze how much income sources within groups contributes to the income inequality based on the total income with the 1st-5th KReIS (Korean Retirement and Income Study) waves, using the Shorrocks Decomposition method. The target groups are categorized by dividing the middle-aged households (households with family members above 50 years old) into the old-aged with family members above 65 years old and the non-old aged households with family members of 50-64 years old, and also households with the labor forces and ones without labor forces. The empirical results, focusing the old-aged households, are as follows: first, a contribution of a labor income and public transfer income to the total income inequality has been increased as times go by. It says that the labor income is the most important source for the old-aged. It implies that the pension income is needed to increase as the fixed income for the retirement. Second, when it comes to the marginal(or relative) contribution, ones in the labor income and the non-consumption expenditure have been increased but the real estate income, the public and the private transfer income has decreased. These findings tell us that the increase in the income of the old-aged is sure to shrink the poverty rate of the old people and improve the income inequality. What is clear, this will have to be accomplished at the maturity time of the national pension, so the interim policy for increasing the income of the old-aged households is required to enforce from now on to the maturity period.
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KEYWORD
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Income Inequality, Inequality Contribution, Poverty Ratio, Shorrocks Decomposition Method
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