Publication:
Korea : The Korean Pension System at a Crossroads

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dc.contributor.authorWorld Bank
dc.date.accessioned2013-08-16T21:13:49Z
dc.date.available2013-08-16T21:13:49Z
dc.date.issued2000-05-10
dc.description.abstractOld age income security in Korea is at a crossroads. The traditional system of family support is giving way to formal retirement savings--most of it mandated by government. Government employees and private school teachers are obliged to participate in special occupational schemes that operate on a pay-as-you-go basis while private sector workers must contribute to the partially funded National Pension Scheme (NPS). Employers must provide retirement allowances, a retirement cum severance payment program whose obligations are largely unfunded. These schemes have evolved over several decades and are not based on clear targets for the level of mandated retirement income or sustainable payroll tax burdens. They currently pay benefits to a minority of older Koreans. This means that over the next few years only social assistance programs will have a significant impact on the incomes of the current elderly poor. This report presents several alternative reform options. These include reforms to some elements of the existing system as well as an integrated or systemic reform option. The proposed reform allows younger workers to opt out of the earnings-related portion of the NPS. The combination of a mandatory private pension scheme--which would replace retirement allowances--and a reduced public pension scheme would result in a reasonable replacement rate target. New entrants would be obliged to join this system while older workers would continue to be covered by the current scheme.en
dc.identifierhttp://documents.worldbank.org/curated/en/2000/05/437671/korea-korean-pension-system-crossroads
dc.identifier.doi10.1596/15146
dc.identifier.urihttps://hdl.handle.net/10986/15146
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectPENSION REFORM
dc.subjectMANDATORY SAVING PROGRAMS
dc.subjectPAYROLL TAXES
dc.subjectSOCIAL SECURITY
dc.subjectSOCIAL SECURITY LEGISLATION
dc.subjectSOCIAL SECURITY TAXES
dc.subjectSOCIAL SECURITY SYSTEMS
dc.subjectFAMILY ASSISTANCE
dc.subjectRETIREMENT BENEFITS
dc.subjectRETIREMENT PROGRAMS
dc.subjectRETIREMENT POLICY
dc.subjectPAY-AS-YOU-GO SYSTEMS
dc.subjectSEVERANCE PAY
dc.subjectSOCIAL ASSISTANCE PROGRAMS
dc.subjectPUBLIC PENSION SYSTEMS
dc.subjectPRIVATE PENSION FUNDS
dc.subjectLABOR FORCE PARTICIPATION
dc.subjectGOVERNMENT EMPLOYEES
dc.subjectREPLACEMENT WORKERS
dc.subjectPENSION SAVINGS PLANS
dc.subjectPENSION TAXATION
dc.subjectPENSION COVERAGE
dc.subjectPENSION FUNDS ADMINISTRATION
dc.subjectPENSION LAW
dc.subjectPENSION VALUATION ACCOUNTING
dc.subjectACCOUNTING STANDARDS
dc.subjectACCRUAL RATES
dc.subjectAGED
dc.subjectAGING
dc.subjectANNUITY
dc.subjectBARLEY
dc.subjectBENEFIT FORMULA
dc.subjectBENEFIT PAYMENT
dc.subjectCAPITAL MARKETS
dc.subjectCD
dc.subjectCERTAIN EXTENT
dc.subjectCIVIL SERVICE
dc.subjectCONTRIBUTION RATE
dc.subjectCONTRIBUTION RATES
dc.subjectDEFICITS
dc.subjectDEFINED BENEFIT PLANS
dc.subjectDEFINED BENEFIT SCHEMES
dc.subjectDEPENDENCY RATIO
dc.subjectDIVIDENDS
dc.subjectEARNINGS GROWTH
dc.subjectELASTICITIES
dc.subjectEMPLOYMENT
dc.subjectEXPENDITURES
dc.subjectFAMILIES
dc.subjectFAMILY SUPPORT
dc.subjectFINANCIAL MANAGEMENT
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SERVICES
dc.subjectFISCAL POLICY
dc.subjectGDP
dc.subjectGROSS WAGES
dc.subjectINCOME LEVELS
dc.subjectINDEXATION
dc.subjectINSURANCE COMPANIES
dc.subjectINTEREST INCOME
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL ACCOUNTING STANDARDS
dc.subjectINVESTMENT RETURN
dc.subjectINVESTMENT RETURNS
dc.subjectLABOR COSTS
dc.subjectLABOR FORCE
dc.subjectLABOR FORCE PARTICIPATION
dc.subjectLIFE INSURANCE
dc.subjectLIFETIME EARNINGS
dc.subjectLIVING STANDARDS
dc.subjectMANDATES
dc.subjectMANDATORY RETIREMENT
dc.subjectMANDATORY SCHEMES
dc.subjectMARKET DISTORTIONS
dc.subjectMINIMUM BENEFIT
dc.subjectMORTALITY
dc.subjectNEW ENTRANTS
dc.subjectNORMAL RETIREMENT AGE
dc.subjectOCCUPATIONAL SCHEMES
dc.subjectPAYROLL TAX
dc.subjectPAYROLL TAXES
dc.subjectPENALTIES
dc.subjectPENSION FUNDS
dc.subjectPENSION PLAN
dc.subjectPENSION REFORM
dc.subjectPENSION RESERVE
dc.subjectPENSION RIGHTS
dc.subjectPENSION SCHEMES
dc.subjectPENSION SYSTEM
dc.subjectPENSIONS
dc.subjectPER CAPITA INCOME
dc.subjectPERSONAL PENSION PLANS
dc.subjectPRIVATE PENSION
dc.subjectPRIVATE SAVINGS
dc.subjectPRIVATE SECTOR
dc.subjectPUBLIC POLICY
dc.subjectPURCHASING POWER
dc.subjectRELATIVE VALUE
dc.subjectREPLACEMENT RATE
dc.subjectREPLACEMENT RATES
dc.subjectRETIREMENT
dc.subjectRETIREMENT INCOME
dc.subjectRETIREMENT INCOME SECURITY
dc.subjectRETIREMENT SAVINGS
dc.subjectSAVINGS BEHAVIOR
dc.subjectSAVINGS INSTITUTIONS
dc.subjectSECURITIES
dc.subjectSOCIAL ASSISTANCE
dc.subjectSOCIAL INSURANCE
dc.subjectSUICIDE
dc.subjectTAX EXPENDITURES
dc.subjectTAX RATE
dc.subjectTAX RATES
dc.subjectTAX TREATMENT
dc.subjectUNEMPLOYMENT
dc.subjectVOLUNTARY PENSIONS
dc.subjectWAGE HISTORIES
dc.subjectWEALTH
dc.subjectWORKERS
dc.subjectWORKPLACE
dc.titleKorea : The Korean Pension System at a Crossroadsen
dspace.entity.typePublication
okr.date.doiregistration2025-05-07T12:31:43.290250Z
okr.docurlhttp://documents.worldbank.org/curated/en/2000/05/437671/korea-korean-pension-system-crossroads
okr.globalpracticeHealth, Nutrition, and Population
okr.guid503141468753367651
okr.identifier.externaldocumentum000094946_00052605361221
okr.identifier.internaldocumentum437671
okr.identifier.report20404
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2000/06/09/000094946_00052605361221/Rendered/PDF/multi_page.pdfen
okr.region.administrativeEast Asia and Pacific
okr.region.countryKorea, Republic of
okr.topicHealth Monitoring and Evaluation
okr.topicEconomic Theory and Research
okr.topicBanks and Banking Reform
okr.topicPensions and Retirement Systems
okr.topicEnvironmental Economics and Policies
okr.topicHealth, Nutrition and Population
okr.volume1
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