With increase of social interest on public pensions, there has been growing needs for periodic actuarial valuation due to increasing benefit expenditure and growing cost of deficit financing. This study aims to conduct the actuarial valuation to examine the financial condition and security of public pensions to prepare for rapidly growing benefit expenditure.
For this purpose, the study conducts long-term financial projection of National Pension Scheme until 2100 reflecting increasing life-expectancy. In case of Special Occupational Pension, the financial projection is conducted until 2070 based on data of Civil Servant Pension and Private School Teacher's Pension in 2009 and data of Military Personnel Pension in 2007.
The production results show that National Pension Scheme needs to increase the contribution rate up to 13% in the 3rd Actuarial Valuation of National Pension Scheme, which expected in 2013, despite the past pension reforms due to financial insecurity caused by low fertility and ageing population. (The rest omitted)
- 공적연금 재정평가 및 정책현안 분석(Actuarial review of public pension system in Korea)
- 윤석명; 신화연; 김병률; 문채봉; 최미선
공적연금 재정평가 및 정책현안 분석(Actuarial review of public pension system in Korea)
|Series Title; No||연구보고서 / 2011-17-5|
|Subject Country||South Korea(Asia and Pacific)|
|Subject||Social Development < Health
Social Development < Social Welfare