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KMID : 1124020180340030059
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Korean Social Security Studies
2018 Volume.34 No. 3 p.59 ~ p.89
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Financial Sustainability of Korean Social Security System
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Park Yoo-Sung
Ryu Jae-Rin
Kim Kyun
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Abstract
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We investigate the sustainability of our social security system through financial projections of the twelve social welfare programs(national pension, public employee pension, teachers’ pension, military pension, basic pension, employee insurance, industrial accident insurance, health insurance, long-term care insurance, infant and childcare, basic livelihood protection, and medical care). The sustainability is very high as the expenditures for our social security system are forecasted to be low compared to GDP. However, depletion of the national pension appears to be a major threat to the sustainability. The year 2069 is the target time for formulating population policy and improving social security system. This is because it is the first time that spending on the twelve social welfare programs will decline as the 65+ population will dramatically shrink, inducing that the national pension spending growth slows down significantly and health insurance expenditures no longer increase. We therefore discuss population and pension policies that are enable to extend the exhaustion time of the national pension to 2069 onwards and to have capability to accommodate the deficits due to welfare programs in terms of the total expenditure of central government.
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KEYWORD
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twelve social welfare programs, sustainability, demographic structure, total government contribution, parameter adjustment
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