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Reducing income inequality and poverty and promoting social mobility in Korea

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  • Reducing income inequality and poverty and promoting social mobility in Korea
  • Jones, Randall S.; Urasawa, Satoshi
  • OECD


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Title Reducing income inequality and poverty and promoting social mobility in Korea
Similar Titles
Material Type Articles
Author(English)

Jones, Randall S.; Urasawa, Satoshi

Publisher

[Paris]:OECD

Date 2014-07
Series Title; No OECD Economics Department Working Papers / no. 1153
Pages 38
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Social Development < Social Welfare
Social Development < Employment
Holding OECD

Abstract

To strengthen social cohesion, a top government priority, it is essential to address the labour market roots of inequality by breaking down dualism to reduce the share of non-regular workers and to boost the employment ratio toward the government’s 70% target. Education reforms are also important to enhance social mobility. Social welfare programmes should be improved to make them more effective, especially among the elderly, where the relative poverty rate is 49%. In addition, reforms are needed now to develop an effective three-pillar system of retirement income based on the National Pension Scheme, company pensions and individual savings. High household debt also has adverse implications for equity, as well as for growth, as individuals with low income and credit ratings have limited access to financial markets and many are delinquent on their loans. (The rest omitted)