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KMID : 1124020220380020031
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Korean Social Security Studies
2022 Volume.38 No. 2 p.31 ~ p.63
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The impact of the COVID-19 pandemic on the coverage of the National Pension Scheme
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Ryu Jae-Rin
Moon Hyun-Gyung
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Abstract
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Analyzing pension coverage indicators drawn from the NPS database, this study explores changes in the total number of the insured in the National Pension Scheme (NPS) and their coverage patterns after the COVID-19 pandemic. The main findings are as follows. First, the coverage indicators demonstrate that the rigidity of the labor market has still continued since the emergence of the pandemic. Second, the extent to which the insured have been impacted and resilient amid COVID-19 varies according to their coverage groups in the NPS. In particular, existing vulnerable groups in the scheme (e.g. workplace-base insured persons employed in smaller-sized workplaces, individually insured persons reporting incomes, etc) are more affected during the pandemic. Third, several indicators such as standard monthly incomes and the collection rate of contributions have either maintained the status quo or even improved since the COVID-19 crisis. This does not necessarily imply a positive sign since some vulnerable groups are likely to be exempted from contribution payments or ineligible throughout the pandemic, whereby they are not counted in calculating standard monthly incomes and the collection rate of contributions. Fourth, this study shows a larger gap in contribution densities during the COVID-19 outbreak between those who have had a better contribution record and those who have not. The aforementioned findings call for the need to introduce more active policies for the vulnerable groups exposed to long-term precariousness in the NPS.
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KEYWORD
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COVID-19, the National Pension Scheme, social insurance precariousness
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