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KMID : 1001320220490030005
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Social Welfare Policy
2022 Volume.49 No. 3 p.5 ~ p.26
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A Birth of the Welfare State and the Direction of Pension Reform - Implications of the Pension Reforms Ensuring Fiscal Sustainability for the Korean Welfare State
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Kim Yeon-Myung
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Abstract
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This paper discusses the impacts of the expected pension reform, which emphasizes the financial sustainability of public pensions, on the characteristics of the Korean welfare state. First, it is analyzed that there are significant differences in the size of pension expenditures, the income replacement rate of pension benefits, and the proportion of public pensions in retirement income sources by type of welfare state regimes. Korea’s retirement income security system is characterized by a very small scale of public pension expenditure, a low income replacement rate, and personal and corporate pensions are developed. Moreover, the population group, which is not covered by pension scheme such as non-regular workers, is very large. Therefore, from the perspective of the pension system, The Korean welfare state combines the attributes of a liberal welfare regime and a southern European welfare regime. It also reviews how the reforms enacted in past decades has formulated the Korean pension system. Finally, it is argued that a pension reform emphasizing financial sustainability, will weaken the roles of public pensions and revitalize the private pension and eventually, the liberal nature of the Korean welfare state will be further strengthened.
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KEYWORD
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Welfare State, Pension Reforms, National Pension Service, Basic Pension, Private Pension
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