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KMID : 1124020200360020137
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Korean Social Security Studies
2020 Volume.36 No. 2 p.137 ~ p.162
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Status and Determinants of Voluntary Participation in the National Pension
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Ryu Jae-Rin
Oh Yu-Jin
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Abstract
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This study investigated the Status and Determinants of Voluntary Participation in the National Pension Scheme using the National Pension DB and the Korean Retirement and Income Study(KReIS). The main results are as follows. First, voluntary contributors are in their 40s and 50s, and the proportion of women and non-income spouses is high, and their insured period is shorter than other contributors. Second, the standard monthly income and taxable income level of spouse of voluntary contributors are quite high, but the contribution payments of many voluntary contributors are at the minimum level. Third, interest in preparing for retirement and the ability to pay contribution are the most important factors in voluntary contribution decision. The above analysis results provide the following policy implications. First, it is necessary to improve the current contribution system which is calculated based on the minimum contribution. Second, various measures should be prepared to alleviate blind spots in addition to the voluntary contribution system.
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KEYWORD
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National Pension Scheme, Voluntary participation, Random effects Probit Model
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