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KMID : 1001320220490030027
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Social Welfare Policy
2022 Volume.49 No. 3 p.27 ~ p.62
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A Preliminary Study on the Reform Issues of the Public Pension System - Focusing on Issues Related to the Orientation, Objectives, and Means of Pension Reform -
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Yoo Hee-Won
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Abstract
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The purpose of this study is to evaluate various issues raised in the process of public pension reform in Korea at a preliminary level. To this end, the issues related to the two major tasks of adequacy and fiscal stability were divided into three dimensions - orientation, objectives, and means of reform.
A brief summary of this study is as follows. First, the orientation of the public pension system in Korea should encompass both adequacy and fiscal stability.
This is because if the orientation of pension reform is biased toward the extreme, the sustainability of the system may be undermined. Second, the objectives of pension reform should be set by defining the concepts of adequacy and fiscal stability in a broader sense. In other words, it is necessary to perform both poverty alleviation and income replacement functions in terms of adequacy. Also, the objectives of fiscal stability should be set at improving not only the deficit of the National Pension system, but also the demographic, economic and social environment surrounding the system. Third, the means of pension reform should be designed in various ways. In terms of adequacy, it is necessary to strengthen both the basic guarantee system and the income-related pension. In order to strengthen fiscal stability, it is necessary to balance the income and expenditure of the National Pension. In addition, policy efforts to improve the external environment such as the fertility rate, productivity, and employment rate need to be made.
The above preliminary evaluation has implications in that it might contribute to reconciling the issues of pension reform and improving its acceptability and feasibility.
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KEYWORD
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Public Pension System, Pension Reform, Adequacy, Fiscal Stability
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