|
KMID : 1124020230390020059
|
|
Korean Social Security Studies
2023 Volume.39 No. 2 p.59 ~ p.86
|
|
|
A Study on the Retention Behavior of Public and Private Pension
|
|
Yoon Sung-Joo
Lee Sang-Yeob
|
|
|
Abstract
|
|
|
|
Using NaSTaB (National Survey of Tax and Benefit) data, this study investigates the determinants of holding public and private pension plans, and examines the retention behavior of both pensions in Korea. The empirical model employs bivariate probit models, and both public and private pension are set as dependent variables. According to the estimates results, the effects of self-employment on holding private pension plans are not statistically significant. However, we find the heterogeneous behaviors of self-employed people by income level in the sub-sample of self-employed people. Also the results indicates that holding saving insurance is highly related to high-income self-employed people, which suggests that there is a high probability of inequality in retirement income preparation among self-employed people. Considering demographic change and the sustainability of public pension system, the government is likely to establish polices to expand private pension subscriptions, especially for the self-employed people regarded as in a relatively vulnerable retirement income comparing to wage earners. The empirical results of this study imply that, even in the case of support for self-employed people, government need to consider income and asset level (means test) considering the heterogeneity of the self-employed.
|
|
|
KEYWORD
|
|
|
public pension, private pension, retention behavior, bivariate probit model
|
|
|
FullTexts / Linksout information
|
|
|
|
|
|
Listed journal information
|
|
|
|