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KMID : 1001320220490030121
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Social Welfare Policy
2022 Volume.49 No. 3 p.121 ~ p.148
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A Study on the Fourth Actuarial Estimate of National Pension of Korea and Its Desirable Reform
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Jeong Se-Eun
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Abstract
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This paper aims to evaluate the financial projections of the fourth actuarial estimate of the national pension plan conducted in 2018 and to find a solution for the desirable reform measures. As with the previous calculations, the fourth actuarial estimate presented theories like fund reserves being depleted and an intolerable burden on posterity as the main conclusions. The Institute of System Development has suggested proposals A and B to implement a reform measure to solve these problems. However, those contain arguments due to different financial projection periods, national subsidies, and the rising insurance pace.
This study indicates that plan A is more desirable considering features like the appropriateness of security, generational equity, acceptability of reform, financial sustainability, and uncertainty in financial projections. In addition, it is preferable to reform in light of the reason for the existence of the national pension, which does not have to accumulate large-scale funds, so it does not have a significant impact on disposable income and consumption of the current generation and has a small macroeconomic impact on fund management and exhaustion.
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KEYWORD
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National pension, Actuarial estimate, Fund depletion, Intolerable burden on posterity, National subsidy
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