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KMID : 1124020200360030001
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Korean Social Security Studies
2020 Volume.36 No. 3 p.1 ~ p.27
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Examining the Development of the Korean Occupational Pension: Independent Development or Replacement by the National Pension Scheme
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Jung Chang-Lyul
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Abstract
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The occupational pension in Korea has been excluded in main topics in the Korean pension reform debates. The paper examines whether the Korean occupational pension should be developed into an independent second-pillar old age income security system or whether it should be replaced by the National Pension Scheme(NPS). The occupational pension, which is regarded as being at antipode with public pension, can be designed variously, being able to be functionally similar to public income-related pension. Also, it shows that the transformation from occupational pension to the NPS could cause considerable side effects. Accordingly, it is appropriate that the Korean occupational pension should be developed into in an independent second-pillar system under the multi-pillar system rather than replacing by the NPS. For the occupational pension to implement public ends, it is necessary to strengthen regulations in the occupational pension.
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KEYWORD
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occupational pension, old age income security, National Pension Scheme, independent development, replacement, regulation
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