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Rapid Ageing and Old-Age Income Security in Korea

Published online by Cambridge University Press:  01 January 2023

Sukmyung Yun
Sukmyung Yun*
Affiliation:
Office of Research Coordination, National Pension Research Centre, National Pension Corporation
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Abstract

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The Korean old-age income support system is at a crossroads. The population is ageing rapidly and the public pension schemes are facing bankruptcy. Proposals to downsize the National Pension Scheme have been held up in the National Assembly by political parties who have argued for multi pillar arrangements as advocated by the OECD and the World Bank. However, with the recent passing of legislation to allow the conversion of retirement allowances to private pensions, many commentators believe that a better approach would be to covert the current National Pension Scheme from a ‘low contribution-high benefit’ scheme to an adequate contribution-adequate benefit scheme. For the future of the nation, reform of the pension system is urgent and inevitable.

Type
Research Article
Information
The Economic and Labour Relations Review , Volume 15 , Issue 2 , January 2005 , pp. 240 - 262
Copyright
Copyright © The Author(s) 2005

Footnotes

*

The author would like to express the deepest gratitude to Moonkil Kim for his research assistance.

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