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KMID : 1124020200360020001
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Korean Social Security Studies
2020 Volume.36 No. 2 p.1 ~ p.35
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The Debate on Sustainability of Public Pension
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Yoo Ho-Sun
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Abstract
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The purposes of the paper are to analyze the debate on sustainability of public pension among international organizations and to suggest how to achieve sustainability of the National Pension in Korea. In order to develop the paper, first of all, I analyze the debate on multi-pillar pension between World Bank and International Labor Organization. Then, I examine finance evaluation in public pension which ILO suggested. And I analyze the discussion on sustainability of public pension in EU in terms of adequacy and financial sustainability.
In order to achieve sustainability in the National Pension, we also need systematical multi-pillar pension and finance evaluation in public pension with obvious finance objective. Moreover, in terms of adequacy, accrual rate(the National Pension + Basic Pension) could be chosen as 1.2% or 1.5% With regard to financial sustainability, public pension expenditure(the National Pension + Basic Pension) could be suggested into about 12% of GDP in the future as public pension expenditure is projected to be converged into 11~12%(2070) of GDP in EU.
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KEYWORD
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sustainability, multi-pillar pension, finance evaluation, adequacy, financial sustainability
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