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KMID : 1124020170330040211
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Korean Social Security Studies
2017 Volume.33 No. 4 p.211 ~ p.239
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Future Prospects and Policy Implications of Multi-pillar Old-Age Income Security by Income Level
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Woo Hae-Bong
Han Jeong-Lim
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Abstract
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This study investigates future prospects and policy implications of multi-pillar old-age income security, including public, occupational, and personal pension schemes in the Republic of Korea. Using the Korean National Pension administrative data, in particular, this study explores the possibilities and limitations of the public-private pension mix by income level. Despite relatively optimistic scenarios with regard to occupational and personal pension plans, the results indicate that the roles of private pension schemes will remain limited for quite a long period. More specifically, the results indicate that occupational and personal pensions are more likely to play a crucial role in providing retirement income security for middle- or upper-income groups, while persons in lower income groups are projected to have difficulty even providing retirement income from the public pension, not to mention the private pension. Finally, based on the results, this study discusses future directions of the public and private pension mix in the Republic of Korea.
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KEYWORD
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multi-pillar old-age income security, public pension, occupational pension, personal pension, income level
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