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KMID : 1001320220490040165
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Social Welfare Policy
2022 Volume.49 No. 4 p.165 ~ p.196
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A Study on the Shortening the minimum eligibility period for receipt of the National Pension Scheme
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Kim Hye-Jin
Kim Hyung-Su
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Abstract
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In the National Pension Scheme, 10 years of contribution are necessary to have a right to the Old-Age pension benefit. The purpose of this study is to analyze the effects of shortening the minimum contribution periods to get the National Pension eligibility. This study particularly investigate the impact of shortening the minimum contribution periods from the perspective of universalism and adequacy. In this research, the data used is from the Korean National Pension Database.
The main findings of the study are summarized as follows. First, if the minimum contribution periods to get the National Pension eligibility decrease from 10 to 5 years, the proportion of pensioners among the population aged 65 and over is expected to be 67.6% as of 2040. Second the average pension amount is expected to be about 300,000 won as of 2060. Finally, the anticipated additional finances due to the reduction of the minimum contribution periods is 6.3 trillion won as of 2060.
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KEYWORD
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National Pension, Minimum contribution Period, Adequacy, Pension Finance
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