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KMID : 1124020160320040001
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Korean Social Security Studies
2016 Volume.32 No. 4 p.1 ~ p.29
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A Study on Restructuring the Korean Public Pension to a Universal Multi-layered Social Security
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Kim Won-Sub
Kang Sung-Ho
Kim Hyung-Su
Lee Yong-Ha
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Abstract
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This study aims to suggest the reform model focused on the issue, “Re-structuring of the National Pension Scheme and the Basic Pension Scheme,” a critical issue of the pension reform in South Korea. The problem of Korean old age income security system can be defined as “inadequate and uncompleted multi-layered security.” This definition indicates the pension systems, which don`t fulfill the original function of the multi-layered security. This system is characterized by multiple problems such as the weak poverty-reducing effect, the inequality in pension provision, and the persistent financial Instability. This study suggests `the universal multi-layered security system` to deal with these problems. This model emphasizes the balanced development of the National Pension Scheme and the Basic Pension Scheme and provides the old age income security through their harmonious division of roles. The main elements of this model are as follows. First of all, the level and the coverage of basic pension are to be improved comprehensively. Secondly, the additional social assistance provision targeted for the elderly is to be newly introduced. Besides, the benefit level of NPS is to be reduced, and its income redistribution effect is to be weakened slightly. According to the estimations of policy effects, it is possible for this model to precisely alleviate poverty and the inequality of pension provision while suppressing the pension expenditure to the appropriate level.
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KEYWORD
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old age income security, national pension scheme, basic pension, universal multi-layered security model, elderly poverty
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