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국민연금 재정안정화를 위한 구조조정 방안(Restructuring measure for financial stabilization of national pension)

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  • 국민연금 재정안정화를 위한 구조조정 방안(Restructuring measure for financial stabilization of national pension)
  • 김용하; 석재은; 윤석원
  • 한국보건사회연구원


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Title 국민연금 재정안정화를 위한 구조조정 방안(Restructuring measure for financial stabilization of national pension)
Similar Titles
Material Type Reports
Author(Korean)

김용하; 석재은; 윤석원

Publisher

서울:한국보건사회연구원

Date 1995-12
Series Title; No 연구 / 1995-37
Pages 239
Subject Country South Korea(Asia and Pacific)
Language Korean
File Type Link
Subject Social Development < Social Welfare
Holding 한국보건사회연구원

Abstract

This study, in the interests of financial stabilization of the national pension, analyzes the model options of high contribution-high benefit and low contribution and low benefit, and also examines based on the standard of fairness which generation and how they would take the burden of accumulated loss which began to be piled from the beginning of the national pension system.
To understand the payment structure of the national pension system, this research studies profit changes per insurance premium and pension return, and reviews the structure of public pension funds of Germany and Japan, in order to direct policy decisions for Korean public pension management. Through simulation analysis of public pension management policy, the effects of the revenues and expenditures of the pension fund can be predicted, and new measures for the national pension can be suggested.
To calculate optimum pension return rate, this study ran a simulation of the weighted value of average monthly income in pension return formula and profit rate and compared each rate of pension return.
Results suggest when the weighted value of the beneficiary’s monthly average income of pension formula is 0.75 an optimum pension return rate is 85.7 percent of the current rate, when profit rate decreases from 2.4 times to 2 times optimum pension return rate is 83.3 percent of the current return rate and when the profit rate is lowered from 2.4 to 1.2, the return rate is 50.5 percent of current return rate. In the first case, a financial deficit can be delayed by two years and fund depletion by four years, the second case by three and five years, respectively. In the third case, the financial deficit would be delayed to 2040 and depletion would never occur.
Restructuring of the national pension system are necessary to resolve unstable financial management and imbalances in the contribution-return structure. Also, optimal pension insurance premium rates and pension return rates can be calculated, which can contribute to the long-term stability of the pension fund. These calculations can provide data for adjusting the pension formula, the optimal age for pension returns, the pension insurance rate, and the fees for pension management.
Second, considering the pension return rates and financial deficit based on the aforementioned solutions, faster restructuring is desirable. Faster restructuring will narrow the gap between generations in terms of financial burden.
Third, in calculating pension fund management by year, it is necessary to make phased adjustments of pension payments, pension insurance premiums, and the age at which pension return beings, according to prolonged life expectancy. To raise profitability of the accumulative fund, insurance rates need to be set at 15 percent, and the standard for the calculation of pension return should be net income.
Fourth, to increase earning rate of the fund, the government must cover the profit from interest rates of the investment in the welfare program. Also, it is necessary to review comprehensive management solutions for the public pension fund, the distribution of long-term financial investment, the deregulation of public pension related institutions, the optimum distribution of welfare services, and welfare provision capacity.