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KMID : 1001320220490030087
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Social Welfare Policy
2022 Volume.49 No. 3 p.87 ~ p.119
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Two Ways to Reform Korean Pension System to Secure Adequacy - Establishment of Roles of Basic Pension and National Pension -
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Joo Eun-Sun
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Abstract
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This article evaluates the existing pension reform proposals and proposes two ways to strengthen public pension security under four principles of public pension reform. First, It is necessary to clarify the Characteristics and function of Basic pension and National Pension. Second, National Pension should do the central role in old age income security as social insurance with income replacement function. Third, old age security system should respond proactively to the poverty of elderly now and in the future. Fourth, Given the limited prospects of private retirement pension, public pension benefit level should be enhanced. The directions of basic pension reforms are different in two paths presented and, as a result, the roles of National Pension are different too. One is the combination of enhanced National Pension and Compensatory income security like GIS(Guaranteed income supplement), in which the National Pension replaces labor income adequately in old age income security. The other is the combination of current National Pension and universal Basic Pension, in which Basic Pension do the central role. In any case, Korean pension reform should be one element of building a welfare state that unites social classes.
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KEYWORD
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pension reform, public pension, Basic Pension, National Pension, GIS
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