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KMID : 1001320120390010001
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Social Welfare Policy
2012 Volume.39 No. 1 p.1 ~ p.22
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A Study on Changes in the Old Age Income Level since the National Pension Reform: In the Mid-term Perspective
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Oh Shin-Hwee
Jung Chang-Lyul
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Abstract
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This study has dynamically examined the effect of both the decrease in benefits throughout the National Pension Scheme (NPS) reform and the increase in benefit throughout the introduction of the Basic Old-age Pension Scheme (BOPS), with the data of the 1-11th KLIPS. The empirical result shows that the increase in benefits throughout the BOPS introduction is likely to be bigger than the decrease in benefits throughout the NPS reform to the majority except for high income level class because of the institutional nature difference between the NPS and BOPS. However, it seems to be not an intended result but an excessively short covered period of the NPS. Next, even though the NPS will mature in the future, old age income for the majority is likely to be short, which will need a political effort in order to expand the covered period. In addition, it is expected that huge unfairness in old-age income between the BOPS beneficiaries and the non-beneficiaries will occur, which will demand the fundamental reexamination in the BOPS.
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KEYWORD
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pension reform, National Pension Scheme, Basic Old-age Pension Scheme, cement ratio
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