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KMID : 1124020210370040041
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Korean Social Security Studies
2021 Volume.37 No. 4 p.41 ~ p.64
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A Study on Restructuring of Basic Pension, National Pension and Basic Livelihood Security Program
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Kim Sang-Ho
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Abstract
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Huge uncovered area in application exists in National Pension Scheme while the effect of Basic Pension Scheme for poverty reduction is limited despite its huge budget. In addition, problems within Basic Pension Scheme, National Pension Scheme and Basic Livelihood Security Program worsened due to the rapid increase of basic pension amount. The purpose of this paper is to enhance efficiency of social security system including elderly poverty reduction and financial sustainability by restructuring public old-age security system. Socio-economic environment is rapidly changing and the ratio of expenditure for Basic Pension to GDP is estimated to amount over 3.0% in 2060. After major issues caused by the relationship between Basic Pension and National Pension are reviewed, parametric and fundamental reforms are analyzed. The fundamental reforms; Minimum Income Guarantee, Guarantee Pension and Universal Basic Pension, are evaluated and it came to the conclusion that Minimum Income Guarantee is the desirable alternative. The introduction of Minimum Income Guarantee suggests Basic Pension Scheme to gradually phase out and to cover part of current Basic Pension coverage and the elderly poor who are covered by Basic Livelihood Security Program. In asset evaluation for the target selection, family support obligation rules should be abolished, and income/property of the old person and his/her spouse should be taken into consideration.
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KEYWORD
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Basic Pension, National Pension, Basic Livelihood Security Program, restructuring, financial sustainability
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