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KMID : 1124020210370030091
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Korean Social Security Studies
2021 Volume.37 No. 3 p.91 ~ p.118
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A Study on the Operation Plan of the National Pension Benefit Index: Focusing on the Cases of Major Countries
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Sung Hea-Young
Yu Hyun-Kyung
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Abstract
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The purpose of this study is to examine whether it is desirable to pay the National Pension benefit amount reduced from the previous year according to the current regulations when the consumer price fluctuation rate becomes negative. To this end, the purpose of introducing the pension indexation was divided into two dimensions: maintaining adequacy of benefits and fiscal stability, and looked at the cases of five countries: Japan, Finland, Canada, the United States, and the United Kingdom. Relatively large burden of support for the elderly and pension expenditures, experience in implementing pension reforms for the purpose of fiscal stabilization, and a relatively high replacement rate, multi-pillar public pension scheme are factors that explain the rigorous application of the pension indexation for fiscal stabilization purposes. On the contrary, the relatively low burden of support for the elderly and pension expenditures, inexperience in the pension financial crisis, and a single public pension system, other means of providing adequate benefits are insufficient are found to support the maintenance of the generosity of the Pension indexation. Therefore, we suggested that National Pension plan to maintain the current regulations, but to provide a temporary frozen payment in consideration of the low level of pension benefit due to the system's immature status.
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KEYWORD
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Pension Indexation, National Pension, Consumer Price Fluctuation Rate
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