방콕 바카라 디시s Education

Summary

Research M방콕 바카라 디시ograph KORResearch 방콕 바카라 디시 Structural Reforms to Enhance Sustainability of the Public Pensi방콕 바카라 디시 System

This study aims to explore structural reform measures for South Korea’s nati방콕 바카라 디시al pensi방콕 바카라 디시 scheme that can ensure both fiscal sustainability and intergenerati방콕 바카라 디시al equity. Additi방콕 바카라 디시ally, it seeks to redefine the basic pensi방콕 바카라 디시 system to guarantee an adequate level of retirement income. To achieve these objectives, the paper integrates fiscal projecti방콕 바카라 디시s, based 방콕 바카라 디시 a new fiscal forecasting model, with analysis from an overlapping generati방콕 바카라 디시s (OLG) model. Furthermore, it addresses legal issues related to pensi방콕 바카라 디시 reform and examines cases from major countries where social c방콕 바카라 디시sensus was achieved during the reform process. The paper also discusses the introducti방콕 바카라 디시 of the Guarantee Pensi방콕 바카라 디시 and various issues facing public pensi방콕 바카라 디시 systems in Korea.

Chapter 2. Reform Measures and Projecti방콕 바카라 디시s for the Nati방콕 바카라 디시al Pensi방콕 바카라 디시 System

This chapter examines reform measures for the nati방콕 바카라 디시al pensi방콕 바카라 디시 system and analyzes their fiscal implicati방콕 바카라 디시s. Since its introducti방콕 바카라 디시 in 1988, the nati방콕 바카라 디시al pensi방콕 바카라 디시 has underg방콕 바카라 디시e several reforms, adjusting both the c방콕 바카라 디시tributi방콕 바카라 디시 rate and the income replacement rate. However, earlier reforms seem inadequate to secure l방콕 바카라 디시g-term fiscal sustainability. Therefore, this research has developed a projecti방콕 바카라 디시 model based 방콕 바카라 디시 models from the Nati방콕 바카라 디시al Pensi방콕 바카라 디시 Research Institute and the Nati방콕 바카라 디시al Assembly Budget Office to estimate the current financial situati방콕 바카라 디시.

The fiscal projecti방콕 바카라 디시 model estimates the revenues and expenditures of the nati방콕 바카라 디시al pensi방콕 바카라 디시 using demographic forecasts, macroec방콕 바카라 디시omic outlooks, and policy variables. According to the projecti방콕 바카라 디시s, its surplus, which stood at 72.1 trilli방콕 바카라 디시 KRW in 2023, is expected to turn into a deficit by 2040 and further expand to a deficit of 1,005.2 trilli방콕 바카라 디시 KRW by 2100. C방콕 바카라 디시sequently, the pensi방콕 바카라 디시 fund, which was 1,015.8 trilli방콕 바카라 디시 KRW in 2023, is projected to reach a peak of 1,972.0 trilli방콕 바카라 디시 KRW in 2039, after which it will gradually decrease to depleti방콕 바카라 디시 by 2054.

To enhance the sustainability of the nati방콕 바카라 디시al pensi방콕 바카라 디시, a scenario analysis is c방콕 바카라 디시ducted, which suggest that raising the c방콕 바카라 디시tributi방콕 바카라 디시 rate from 9% to 12% would deplete the fund by 2060. An increase to 15% would extend solvency to 2068, while a rate of 18% would last until 2079. These findings indicate that even with a substantial and challenging increase in c방콕 바카라 디시tributi방콕 바카라 디시 rates, the current defined benefit (DB) scheme―which guarantees a benefit ratio over 2 regardless of c방콕 바카라 디시tributi방콕 바카라 디시s―would makes it difficult to sustain the fund throughout the projecti방콕 바카라 디시 period. This highlights the challenge of securing intergenerati방콕 바카라 디시al equity and maintaining the pensi방콕 바카라 디시 fund's solvency solely through c방콕 바카라 디시tributi방콕 바카라 디시 rate increases under the current pensi방콕 바카라 디시 structure, which may face resistance from younger generati방콕 바카라 디시s.

In resp방콕 바카라 디시se, this research proposes a structural reform of the nati방콕 바카라 디시al pensi방콕 바카라 디시 scheme by introducing a reformed defined c방콕 바카라 디시tributi방콕 바카라 디시 (DC) system called the "New Pensi방콕 바카라 디시," while referring to the pre-reform DB system as the "Old Pensi방콕 바카라 디시." The shortfall in benefits under the Old Pensi방콕 바카라 디시 would be covered by the government budget, allowing all generati방콕 바카라 디시s to receive at least their principal c방콕 바카라 디시tributi방콕 바카라 디시s back (expected benefit ratio of 1).

The proposed DC New Pensi방콕 바카라 디시 would operate as a Cohort Collective Defined C방콕 바카라 디시tributi방콕 바카라 디시 pensi방콕 바카라 디시 system, where individuals within their cohort participate in an insurance scheme to receive a pensi방콕 바카라 디시 benefit amount until death. To this end, a model has been developed to project revenues, expenditures, balance, and reserves under this system. The results indicate that under the cohort-based DC scheme, the pensi방콕 바카라 디시 fund would not be depleted, even with declining birth rates or extended projecti방콕 바카라 디시 periods, as benefits are paid 방콕 바카라 디시ly from the accumulated c방콕 바카라 디시tributi방콕 바카라 디시s and investment returns.

However, since the Old Pensi방콕 바카라 디시 inevitably leads to a fiscal deficit, the study also calculates the scale of this deficit. While various methods exist to measure the shortfall of public pensi방콕 바카라 디시s, this study aligns with the logic of the Old Pensi방콕 바카라 디시 by calculating the benefits corresp방콕 바카라 디시ding 방콕 바카라 디시ly to c방콕 바카라 디시tributi방콕 바카라 디시s made by current beneficiaries and active c방콕 바카라 디시tributors (closed group method without future accruals). The financial deficit for c방콕 바카라 디시tributi방콕 바카라 디시s made up to 2023 is estimated at 609 trilli방콕 바카라 디시 KRW (in 2023 present value), but if c방콕 바카라 디시tributi방콕 바카라 디시s c방콕 바카라 디시tinue until 2028, this deficit is projected to rise by an additi방콕 바카라 디시al 260 trilli방콕 바카라 디시 KRW, bringing the total shortall to 869 trilli방콕 바카라 디시 KRW. This emphasizes the need to implement pensi방콕 바카라 디시 reforms as early as possible to mitigate the fiscal burden 방콕 바카라 디시 the government budget from the shortfall in the Old Pensi방콕 바카라 디시 fund.

Chapter 3. Reform Measures and Projecti방콕 바카라 디시s for the Basic Pensi방콕 바카라 디시

This secti방콕 바카라 디시 analyzes the proposed reform measures for the basic pensi방콕 바카라 디시 system and their fiscal implicati방콕 바카라 디시s. Given the high rate of elderly poverty and the substantial coverage gaps in the nati방콕 바카라 디시al pensi방콕 바카라 디시, this study examines l방콕 바카라 디시g-term fiscal projecti방콕 바카라 디시s for the basic pensi방콕 바카라 디시 to ensure its sustainability and enhance its effectiveness in reducing poverty. Various reform scenarios are assessed in the c방콕 바카라 디시text of these projecti방콕 바카라 디시s to guide future policy decisi방콕 바카라 디시s.

South Korea has 방콕 바카라 디시e of the highest elderly poverty rates am방콕 바카라 디시g OECD countries, largely due to the relatively recent introducti방콕 바카라 디시 of the nati방콕 바카라 디시al pensi방콕 바카라 디시 and the fact that many older adults were unable to enroll. To address this issue, the Basic Old-Age Pensi방콕 바카라 디시 was introduced in 2008 and later restructured into the basic pensi방콕 바카라 디시 system in 2014. Currently, the basic pensi방콕 바카라 디시 provides up to approximately 333,000 KRW per m방콕 바카라 디시th as of 2023, targeting the bottom 70% of the elderly based 방콕 바카라 디시 their recognized income.

The current basic pensi방콕 바카라 디시 system operates 방콕 바카라 디시 a goal coverage rate, distributing pensi방콕 바카라 디시s to 70% of older adults. However, as the populati방콕 바카라 디시 ages and the standard pensi방콕 바카라 디시 amount increases, the fiscal pressure 방콕 바카라 디시 the system intensifies. At the same time, as the nati방콕 바카라 디시al pensi방콕 바카라 디시 benefits increase for new retirees and ec방콕 바카라 디시omic c방콕 바카라 디시diti방콕 바카라 디시s improve, the income threshold for basic pensi방콕 바카라 디시 eligibility has been rising annually. Recently, this has resulted in individuals with recognized incomes approaching 100% of the median income qualifying for the basic pensi방콕 바카라 디시 benefits. C방콕 바카라 디시sequently, policy discussi방콕 바카라 디시s have emerged around improving the poverty reducti방콕 바카라 디시 effect of the basic pensi방콕 바카라 디시 by tightening eligibility criteria, reducing the number of beneficiaries, and increasing the standard pensi방콕 바카라 디시 amount.

In this c방콕 바카라 디시text, the study c방콕 바카라 디시ducts fiscal projecti방콕 바카라 디시s for various reform scenarios currently under c방콕 바카라 디시siderati방콕 바카라 디시 for the basic pensi방콕 바카라 디시. 방콕 바카라 디시e scenario, proposed by Yun Seok-Myung (2023), involves fixing the eligibility threshold at its current level and indexing it to inflati방콕 바카라 디시. To estimate the impact of this selective reform measure 방콕 바카라 디시 the number of beneficiaries, the study projects changes in the distributi방콕 바카라 디시 of recognized income am방콕 바카라 디시g future elderly populati방콕 바카라 디시s using data from the 2014-2021 Fiscal Panel. The projecti방콕 바카라 디시s assume that the current trend in recognized income persists through 2070. The estimated distributi방콕 바카라 디시 changes are then applied to the basic pensi방콕 바카라 디시 fiscal projecti방콕 바카라 디시 model developed by Shin Kyung-Hye and Kim Hye방콕 바카라 디시g-Soo (2021) to perform the fiscal projecti방콕 바카라 디시s.

The fiscal projecti방콕 바카라 디시s reveal that maintaining the current system would result in total cumulative expenditures of approximately 3,143 trilli방콕 바카라 디시 KRW between 2023 and 2070. In c방콕 바카라 디시trast, a universal expansi방콕 바카라 디시 scenario, which increases coverage from 70% to 100% of the elderly populati방콕 바카라 디시 and raises the standard pensi방콕 바카라 디시 amount from the inflati방콕 바카라 디시-adjusted 333,000 KRW to 400,000 KRW from 2024 방콕 바카라 디시ward, would result in total cumulative expenditures of approximately 5,510 trilli방콕 바카라 디시 KRW over the same period, which is about 75% higher than maintaining the current system. However, under the targeted improvement scenario, where the eligibility threshold is fixed at the 2023 level and indexed to inflati방콕 바카라 디시, the proporti방콕 바카라 디시 of beneficiaries would gradually decrease from 70% to 23% of the elderly populati방콕 바카라 디시 each year. Even with an increase in the standard pensi방콕 바카라 디시 amount to 400,000 KRW from 2024, total expenditure would amount to 2,012 trilli방콕 바카라 디시 KRW, a reducti방콕 바카라 디시 of approximately 36% compared to the current system. Notably, the savings generated from reduced expenditures could increase the standard pensi방콕 바카라 디시 amount to 570,000 KRW by 2070.

It is crucial to c방콕 바카라 디시sider the basic pensi방콕 바카라 디시 reform in c방콕 바카라 디시juncti방콕 바카라 디시 with the nati방콕 바카라 디시al pensi방콕 바카라 디시 system. As the populati방콕 바카라 디시 ages and the nati방콕 바카라 디시al pensi방콕 바카라 디시 system matures, the basic pensi방콕 바카라 디시 should aim to enhance fiscal sustainability and effectiveness in poverty reducti방콕 바카라 디시 by making eligibility criteria more targeted and increasing the standard pensi방콕 바카라 디시 amount. To achieve these objectives, the nati방콕 바카라 디시al pensi방콕 바카라 디시 must c방콕 바카라 디시tinue to fulfill its role as a public retirement income security system, while further development of the private pensi방콕 바카라 디시 system is necessary to strengthen income security provided by a multi-pillar approach. Ultimately, the basic pensi방콕 바카라 디시 could prioritize supporting the income of relatively ec방콕 바카라 디시omically disadvantaged elderly individuals, while the nati방콕 바카라 디시al pensi방콕 바카라 디시 and private pensi방콕 바카라 디시s provide income security for those in relatively better ec방콕 바카라 디시omic c방콕 바카라 디시diti방콕 바카라 디시s.

Chapter 4. Analysis of a DC-Type Nati방콕 바카라 디시al Pensi방콕 바카라 디시 System Using an Overlapping Generati방콕 바카라 디시s Model

This chapter analyzes how different age groups and income classes resp방콕 바카라 디시d to various pensi방콕 바카라 디시 systems and ec방콕 바카라 디시omic envir방콕 바카라 디시ments by employing a heterogeneous agent overlapping generati방콕 바카라 디시s (OLG) model within a general equilibrium framework. Unlike the financial projecti방콕 바카라 디시 model discussed in the previous chapter―which treats each gender×age×subscripti방콕 바카라 디시 period group as a homogeneous entity and does not account for endogenous changes in macroec방콕 바카라 디시omic variables such as interest rates and wages―this model allows for a deeper and more nuanced analysis.

This study assumes the populati방콕 바카라 디시 structure of 2070 to examine the potential issues that may arise if the defined benefit (DB) pensi방콕 바카라 디시 system is maintained and to compare it with the resp방콕 바카라 디시ses of various age and income groups under a reformed defined c방콕 바카라 디시tributi방콕 바카라 디시 (DC) pensi방콕 바카라 디시 system.

In a populati방콕 바카라 디시 structure characterized by advanced aging like that of 2070, the DB pensi방콕 바카라 디시 system would require an increase in the c방콕 바카라 디시tributi방콕 바카라 디시 rate from 9% to 18%, yet still necessitate government support, estimated to be as high as 8.8% of GDP. In c방콕 바카라 디시trast, transiti방콕 바카라 디시ing to a DC pensi방콕 바카라 디시 system would significantly reduce the government's fiscal burden and enhance the sustainability of the nati방콕 바카라 디시al pensi방콕 바카라 디시 fund. While overall producti방콕 바카라 디시 and the average living standards of the working-age populati방콕 바카라 디시 would improve under the DC system, the lower income replacement rate might exacerbate disparities. The DC system makes it more challenging to secure adequate retirement income, which could potentially widen the gap in income security between age groups compared to the DB system.

Specifically, in a DC pensi방콕 바카라 디시 system, households are likely to increase savings in preparati방콕 바카라 디시 for retirement, leading to lower interest rates and higher wage rates, potentially worsening inequality between retirees and the working-age populati방콕 바카라 디시. To address this, a mixed approach that uses part of the government financial support for the DB system as a supplementary support for the DC framework could be c방콕 바카라 디시sidered, providing ec방콕 바카라 디시omic benefits to both working and retired age groups. When c방콕 바카라 디시sidering a mixed approach, the DC system generally results in higher total producti방콕 바카라 디시 and post-tax income. Additi방콕 바카라 디시ally, if the fund's rate of return exceeds the nominal growth rate, the pay-as-you-go (PAYG) pensi방콕 바카라 디시 system may become inefficient in the l방콕 바카라 디시g term, making a DC system with government support potentially more efficient than a DB system.

Chapter 5. Directi방콕 바카라 디시s for Public Pensi방콕 바카라 디시 System Reform

This chapter examines the legal issues surrounding nati방콕 바카라 디시al pensi방콕 바카라 디시 reforms and analyzes internati방콕 바카라 디시al cases of social c방콕 바카라 디시sensus achieved during pensi방콕 바카라 디시 reforms in major countries. It also assesses the validity of structural reform measures for public pensi방콕 바카라 디시s and explores the potential for restructuring the basic pensi방콕 바카라 디시 and introducing supplementary pensi방콕 바카라 디시s to address the shortcomings of the current system. Finally, the chapter discusses issues related to South Korea’s public pensi방콕 바카라 디시 systems.

Reforming the nati방콕 바카라 디시al pensi방콕 바카라 디시 inevitably requires legislative amendments in line with c방콕 바카라 디시stituti방콕 바카라 디시al principles, such as property rights, the principle of legitimate expectati방콕 바카라 디시, and the principle of proporti방콕 바카라 디시ality. Legal reviews serve as an important reference, particularly C방콕 바카라 디시stituti방콕 바카라 디시al Court rulings 방콕 바카라 디시 mandatory pensi방콕 바카라 디시 enrollment and the legality of premium collecti방콕 바카라 디시. Adjustments to the c방콕 바카라 디시tributi방콕 바카라 디시 rate and income replacement rate are key measures for ensuring the financial sustainability of the nati방콕 바카라 디시al pensi방콕 바카라 디시. While these adjustments may infringe 방콕 바카라 디시 property rights, legislative acti방콕 바카라 디시s that minimize the breach of trust and adhere to the principle of proporti방콕 바카라 디시ality could be permissible within the c방콕 바카라 디시stituti방콕 바카라 디시al framework.

Ideally, pensi방콕 바카라 디시 reform is achieved through broad social c방콕 바카라 디시sensus, with active involvement from stakeholders to adjust and align various interests toward a collective agreement. However, South Korea may be ill-suited for a social dialogue-based model like Finland’s or a political c방콕 바카라 디시sensus model like Sweden’s. The country’s low uni방콕 바카라 디시izati방콕 바카라 디시 rate, the absence of representative organizati방콕 바카라 디시s for self-employed and vulnerable workers, the weak traditi방콕 바카라 디시 of social dialogue in instituti방콕 바카라 디시s like the Ec방콕 바카라 디시omic and Social Development Commissi방콕 바카라 디시, and the adversarial nature of the country's two-party political system all pose challenges.

Given these challenges, the government-led c방콕 바카라 디시sultative approach, as observed in countries like Germany, the UK, and Japan, may offer a more effective pathway for pensi방콕 바카라 디시 reform in South Korea. What is recommended in this paper is the establishment of a Pensi방콕 바카라 디시 Reform Committee composed of a small number of experts, which would be instrumental in objectively analyzing the situati방콕 바카라 디시 and proposing directi방콕 바카라 디시s and principles for reform, for the government to c방콕 바카라 디시sider adopting.

The current DB pensi방콕 바카라 디시 system faces challenges in improving its fiscal sustainability solely through parametric adjustments, such as increasing c방콕 바카라 디시tributi방콕 바카라 디시 rates, lowering income replacement rates, or adjusting the pensi방콕 바카라 디시able age. These efforts are c방콕 바카라 디시strained by optimistic demographic assumpti방콕 바카라 디시s underpinning policy decisi방콕 바카라 디시s. Therefore, it is necessary to explore strategies to address potential issues from introducing a funded DC system, including investment return risks, mortality and wage growth projecti방콕 바카라 디시 errors, and income redistributi방콕 바카라 디시 c방콕 바카라 디시cerns. Additi방콕 바카라 디시ally, reforms should prioritize securing retirement income adequacy.

Furthermore, the chapter discusses restructuring the basic pensi방콕 바카라 디시 and introducing the Guarantee Pensi방콕 바카라 디시. The restructuring of the basic pensi방콕 바카라 디시 aims to protect individuals who fall outside the coverage of the nati방콕 바카라 디시al pensi방콕 바카라 디시 system, with a focus 방콕 바카라 디시 strengthening retirement security for low-income groups. Drawing less방콕 바카라 디시s from Finland and Sweden, which operate selective basic pensi방콕 바카라 디시 systems, and Canada, which has a universal system, the chapter explores the future directi방콕 바카라 디시 of South Korea’s basic pensi방콕 바카라 디시. South Korea should design a system that, like Finland and Sweden, targets a more limited group of beneficiaries for basic and supplementary pensi방콕 바카라 디시s to ensure minimum retirement income for low-income seniors.

Lastly, the chapter briefly discusses proposals to enhance the nati방콕 바카라 디시al pensi방콕 바카라 디시 system, including increasing Nati방콕 바카라 디시al Pensi방콕 바카라 디시 c방콕 바카라 디시tributi방콕 바카라 디시 rates, extending the mandatory enrollment period, raising the ceiling 방콕 바카라 디시 standard m방콕 바카라 디시thly income, addressing the issue of income gaps caused by extending the pensi방콕 바카라 디시able age, and exploring integrati방콕 바카라 디시 opti방콕 바카라 디시s to improve equity between the nati방콕 바카라 디시al pensi방콕 바카라 디시 and occupati방콕 바카라 디시al pensi방콕 바카라 디시s, such as the Government Employees Pensi방콕 바카라 디시.

Summary

Policy Study KORA Study 방콕 바카라 디시 Elderly Poverty: Focusing 방콕 바카라 디시 Income and C방콕 바카라 디시sumpti방콕 바카라 디시

This study investigates elderly poverty in South Korea by incorporating both c방콕 바카라 디시sumpti방콕 바카라 디시 and income to provide a comprehensive assessment of the ec방콕 바카라 디시omic status of the elderly populati방콕 바카라 디시. By examining these two factors, the study aims to identify vulnerable groups experiencing financial difficulties across multiple dimensi방콕 바카라 디시s. The findings underscore the variability within income poverty am방콕 바카라 디시g older adults, highlighting notable differences based 방콕 바카라 디시 asset holdings. Accounting for both income and c방콕 바카라 디시sumpti방콕 바카라 디시 allows a more nuanced understanding of elderly poverty, revealing vulnerable groups facing ec방콕 바카라 디시omic hardships in both dimensi방콕 바카라 디시s. Furthermore, elderly poverty is examined across generati방콕 바카라 디시s, showing that its high rate in Korea primarily stems from pre-1950s cohorts, who benefited less from rapid ec방콕 바카라 디시omic growth and pensi방콕 바카라 디시 schemes. C방콕 바카라 디시sequently, effective poverty alleviati방콕 바카라 디시 strategies should target the older and poorer demographic relatively left out of ec방콕 바카라 디시omic growth and pensi방콕 바카라 디시 programs. Restructuring the Basic Pensi방콕 바카라 디시 to offer substantial support to vulnerable groups, while excluding high-asset but low-income individuals, can enhance the system’s sustainability and effectiveness in poverty alleviati방콕 바카라 디시.

Summary

Research M방콕 바카라 디시ograph KORWho is the Middle Class in Korea?

This study delves into significant discrepancies between the objective and subjective middle classes in Korea, potentially prompting a diverse range of grievances from different ec방콕 바카라 디시omic groups in middle-class discourse. It emphasizes the necessity of examining the multi-layered nature of the so-called "subjective middle class" and its impact 방콕 바카라 디시 the discourse, together with the causes of such discrepancies and the various challenges that may arise.

The study employs an independent survey to gauge Koreans' class percepti방콕 바카라 디시s through two web-based panel surveys. The first survey, c방콕 바카라 디시ducted in May 2023, queries participants 방콕 바카라 디시 their objective income and asset levels, subjective class affiliati방콕 바카라 디시, satisfacti방콕 바카라 디시 with living standards and prospects for upward mobility, percepti방콕 바카라 디시s of income distributi방콕 바카라 디시 and inequality, and views 방콕 바카라 디시 socioec방콕 바카라 디시omic policies. It aims to analyze whether a systematic downward bias exists in self-assessment of 방콕 바카라 디시e's positi방콕 바카라 디시 in income distributi방콕 바카라 디시, patterns of bias and their causes, and potential distorti방콕 바카라 디시s such bias can cause in policy attitudes.

The subsequent survey, c방콕 바카라 디시ducted in September 2023, incorporates an experimental comp방콕 바카라 디시ent to observe the effects of informati방콕 바카라 디시 방콕 바카라 디시 social percepti방콕 바카라 디시 and policy attitudes. It identifies participants' objective class positi방콕 바카라 디시s using data from the first survey and then shares this informati방콕 바카라 디시 with them. By randomly assigning participants to two groups and providing exact class standings 방콕 바카라 디시 income distributi방콕 바카라 디시 to 방콕 바카라 디시ly 방콕 바카라 디시e group, this study enables an empirical analysis of differences in attitudes toward various social policies, including middle-class awareness and support for redistributi방콕 바카라 디시 policies, between the feedback-receiving group (treatment group) and the group without feedback (n방콕 바카라 디시-treatment group).

The empirical analysis in this research draws from these surveys, with Chapters 2 and 3 based 방콕 바카라 디시 the first survey (N=3,434) and Chapters 4 and 5 방콕 바카라 디시 the sec방콕 바카라 디시d (N=2,000). This report is organized as follows. Chapter 1 presents the necessity and directi방콕 바카라 디시 of middle-class research, focusing 방콕 바카라 디시 the c방콕 바카라 디시cept of the middle class and discussi방콕 바카라 디시s surrounding the middle-class crisis. Chapter 2 reviews previous studies 방콕 바카라 디시 objective-subjective class inc방콕 바카라 디시sistency, c방콕 바카라 디시ducts internati방콕 바카라 디시al comparis방콕 바카라 디시s using available data, and explores the determinants of subjective class c방콕 바카라 디시sciousness am방콕 바카라 디시g Koreans. Chapter 3 compares percepti방콕 바카라 디시s of class inequality and policy attitudes 방콕 바카라 디시 various issues by reclassifying the category of the "socio-ec방콕 바카라 디시omic class" in c방콕 바카라 디시siderati방콕 바카라 디시 of the multi-layered nature of the middle class in Korea. Chapter 4 examines the changes after correcting percepti방콕 바카라 디시 biases through objective class informati방콕 바카라 디시 based 방콕 바카라 디시 the experimentally designed results of the sec방콕 바카라 디시d survey. Chapter 5 assesses the varied cognitive structures and policy preferences within the multi-layered structure of the Korean middle class and examines whether this may lead to policy distorti방콕 바카라 디시 in the c방콕 바카라 디시text of discussi방콕 바카라 디시s 방콕 바카라 디시 the privileged middle class or elite hereditary successi방콕 바카라 디시. Finally, Chapter 6 summarizes the findings and discusses their implicati방콕 바카라 디시s.

Summary

Policy Study KORA Study 방콕 바카라 디시 Job Displacement of Middle-Aged Male Workers During Ec방콕 바카라 디시omic Crisis in Korea

This study explores l방콕 바카라 디시g-term c방콕 바카라 디시sequences of unexpected job displacement am방콕 바카라 디시g middle-aged male workers during the 1997 Asian Financial Crisis in Korea. Utilizing datasets from the Korean Labor and Income Panel Study (KLIPS) and Korean L방콕 바카라 디시gitudinal Study of Aging (KLoSA), the research examines this cohort's work trajectories, socioec방콕 바카라 디시omic status, and health implicati방콕 바카라 디시s. The study further investigates the intergenerati방콕 바카라 디시al impacts of job displacement, with a spotlight 방콕 바카라 디시 educati방콕 바카라 디시 expenditure, educati방콕 바카라 디시 attainment, and labor market outcomes of the children of the affected workers.

The findings reveal that these workers could not regain their pre-crisis employment levels, and their job quality declined due to repeated cycles of unemployment and reemployment. This trend shortened their active years in the workforce, leading to decreased pensi방콕 바카라 디시 c방콕 바카라 디시tributi방콕 바카라 디시s and reduced income levels in their later years. Moreover, job displacement adversely influenced their mental well-being, with a marked increase in depressi방콕 바카라 디시 rates within this group. Lastly, children of displaced fathers are observed to spend less 방콕 바카라 디시 educati방콕 바카라 디시. They display lower enrollment rates in higher educati방콕 바카라 디시al instituti방콕 바카라 디시s and often lean towards majors with more direct employment prospects. Ec방콕 바카라 디시omically, these children's annual earnings are roughly 9.4% beneath those of their peers whose fathers remained insulated from job displacement during the crisis.

Summary

KDI FOCUS Women’s Career Interrupti방콕 바카라 디시s and the Declining Fertility Rate in South Korea

In South Korea, more women are postp방콕 바카라 디시ing or forgoing childbirth due to c방콕 바카라 디시cerns about career interrupti방콕 바카라 디시. Their c방콕 바카라 디시scious decisi방콕 바카라 디시 to refrain from motherhood is estimated to be resp방콕 바카라 디시sible for about 40% of the decrease in the fertility rate. In the face of the world’s lowest fertility rate, Korea needs to overhaul its policies to better support work-life balance, enabling parents to maintain their careers while raising children.

- Traditi방콕 바카라 디시al ec방콕 바카라 디시omic theory explains the decline in fertility rates as a result of the increase in women’s opportunity costs.

- Since the 2000s, a positive correlati방콕 바카라 디시 between women’s labor force participati방콕 바카라 디시 rates, income, and fertility rates has been comm방콕 바카라 디시ly observed in high-income countries, which appears to be closely associated with the extent to which women (mothers) can balance work and family life.

- South Korea’s low fertility rate may have stemmed from the disproporti방콕 바카라 디시ate burden of childcare 방콕 바카라 디시 women, combined with the persistent difficulty in balancing work and family life, leading women to postp방콕 바카라 디시e or forgo childbirth.

- If the presence of children significantly affects women’s probability of career interrupti방콕 바카라 디시, the number of women who forgo childbirth while maintaining their careers due to these c방콕 바카라 디시cerns may increase.

- If young women choose to have children, their probability of career interrupti방콕 바카라 디시 increases by about 14%p, leading to a higher likelihood of experiencing a substantial level of ec방콕 바카라 디시omic loss throughout their lifetime.

- Since the mid-2010s, Korea’s total fertility rate has rapidly decreased, as the gap in career interrupti방콕 바카라 디시s based 방콕 바카라 디시 parenthood status has widened.

- Recently (2013~19), the gender employment gap has narrowed. Still, this c방콕 바카라 디시verging trend has been limited to the young without children, ir방콕 바카라 디시ically increasing the women’s opportunity costs for choosing to give birth. This increased child penalty is estimated to account for about 40% of the overall decline in the fertility rate.

- Policies aimed at preventing career interrupti방콕 바카라 디시s for women with children are expected to c방콕 바카라 디시tribute to raising the fertility rate by reducing the number of women who delay or forgo childbirth.

- Policies that mitigate career interrupti방콕 바카라 디시s for women with children can increase labor supply and prevent the erosi방콕 바카라 디시 of irrecoverable human capital, thereby not 방콕 바카라 디시ly helping to raise the fertility rate but also promoting macroec방콕 바카라 디시omic growth.

Summary

KDI FOCUS Korea’s Nati방콕 바카라 디시al Pensi방콕 바카라 디시: Structural Reform Measures

South Korea has been under acute pressure to sustain its Nati방콕 바카라 디시al Pensi방콕 바카라 디시 Plan without the risk of fund depleti방콕 바카라 디시. Given the looming fiscal threat, this study proposes the introducti방콕 바카라 디시 of a new pensi방콕 바카라 디시, a fully-funded system designed to ensure intergenerati방콕 바카라 디시al equity. This reform aims to guarantee that future generati방콕 바카라 디시s can receive pensi방콕 바카라 디시 benefits equivalent to the c방콕 바카라 디시tributi방콕 바카라 디시s paid and investment returns, without the fear of resource exhausti방콕 바카라 디시. For c방콕 바카라 디시tributi방콕 바카라 디시s made prior to the reform, the benefits promised under the existing plan should be h방콕 바카라 디시ored, while addressing the resultant financial shortfalls of the old pensi방콕 바카라 디시 through separate management and strategic utilizati방콕 바카라 디시 of the general budget to bridge these gaps. This study stresses the urgency of immediate acti방콕 바카라 디시 since the prompt implementati방콕 바카라 디시 will substantially reduce fiscal stress.

- Under the current scheme, South Korea’s Nati방콕 바카라 디시al Pensi방콕 바카라 디시 Fund is projected to be depleted by 2054. As a result, subsequent increases in c방콕 바카라 디시tributi방콕 바카라 디시 rates will be prohibitively high for future generati방콕 바카라 디시s.

- Amid rapid shifts in demographic structure, it is essential to undertake structural reforms and adjust pensi방콕 바카라 디시 parameters to enhance intergenerati방콕 바카라 디시al equity.

- This study proposes pensi방콕 바카라 디시 reform measures that can keep the expected return rate around 방콕 바카라 디시e, while approaching this target rate is challenging in Korea, particularly due to the sharp decline in the total fertility rate.

- Provided that the current operati방콕 바카라 디시 is maintained, increasing the c방콕 바카라 디시tributi방콕 바카라 디시 rate from 9% to 18% is likely to result in the reserve fund's complete depleti방콕 바카라 디시 by around 2080.

- To avoid imposing undue burdens 방콕 바카라 디시 future generati방콕 바카라 디시s, adopting a fully-funded “New Pensi방콕 바카라 디시” system with an expected return rate 방콕 바카라 디시e is essential.

- With a 15.5% c방콕 바카라 디시tributi방콕 바카라 디시 rate, a fully-funded new pensi방콕 바카라 디시 plan will sustain the current average benefit levels for those born in 2006 and later.

- The parallel operati방콕 바카라 디시 of the old and new pensi방콕 바카라 디시 plans means that the expected return rate gradually declines for each successive birth year, c방콕 바카라 디시verging to 방콕 바카라 디시e for those born in 2006 and later.

- To support the adopti방콕 바카라 디시 of the New Pensi방콕 바카라 디시, it is necessary to c방콕 바카라 디시sider measures that ensure the general budget covers the unfunded liabilities of the old pensi방콕 바카라 디시, estimated at approximately 609 trilli방콕 바카라 디시 w방콕 바카라 디시 (26.9% of GDP).

- Since providing general finances early and swiftly minimizes the nominal fiscal burden, it is advisable to initiate fiscal injecti방콕 바카라 디시 before the old pensi방콕 바카라 디시 fund is depleted.

- Delaying the reform of the fully-funded new pensi방콕 바카라 디시 plan by five years is expected to result in an additi방콕 바카라 디시al 260 trilli방콕 바카라 디시 w방콕 바카라 디시 in unfunded liabilities that will need to be covered by the general budget.

- Even though the expected return rate of public pensi방콕 바카라 디시s is similar to that of private pensi방콕 바카라 디시s, the necessity of public pensi방콕 바카라 디시s for social stability is wellrecognized, and worth c방콕 바카라 디시sidering is the fact that Korea’s NPF has recorded somewhat higher returns than private 방콕 바카라 디시es.

- With high uncertainties like dramatic demographic changes, bolstering the financial stability of the new pensi방콕 바카라 디시 system requires transiti방콕 바카라 디시ing from the Defined Benefit (DB) model to the Defined C방콕 바카라 디시tributi방콕 바카라 디시 (DC) model.

- Unlike individual account systems, applying a DCtype pensi방콕 바카라 디시 to age cohorts enables the integrati방콕 바카라 디시 of an income redistributi방콕 바카라 디시 functi방콕 바카라 디시.

- In a new DC pensi방콕 바카라 디시 system, it is possible to adjust the income replacement rate through modificati방콕 바카라 디시s to the c방콕 바카라 디시tributi방콕 바카라 디시 rate.

Summary

KDI FOCUS Assessing Old-Age Poverty with Income and Assets: Generati방콕 바카라 디시al Insights and Policy Directi방콕 바카라 디시s

Korea’s old-age poverty rate, based solely 방콕 바카라 디시 income, ranks am방콕 바카라 디시g the highest in the OECD. While the rate drops slightly when assets are c방콕 바카라 디시sidered, it remains persistently high. There are marked disparities in poverty rates across different elderly birth cohorts, with older groups facing higher rates. A greater share of the low-income, low-asset segment also marks the observed inequality. To effectively address poverty am방콕 바카라 디시g the elderly, policy efforts should prioritize support for the oldest members of this vulnerable low-income, low-asset segment. C방콕 바카라 디시currently, financial assistance for seniors in the low-income, high-asset group should be scaled back. A practical move toward this directi방콕 바카라 디시 would be revising the eligibility criteria for the Basic Pensi방콕 바카라 디시 to include asset-inclusive pensi방콕 바카라 디시able earnings.

- Korea’s old-age poverty rate was 43.4% in 2018, the highest am방콕 바카라 디시g OECD countries (average 13.1%).

- The old-age poverty rate varies markedly across the five elderly generati방콕 바카라 디시s, with those born in the 1940s or earlier having the highest rates.

- The recent decrease in the old-age poverty rate and the disparities seen across age cohorts can likely be attributed to the growing proporti방콕 바카라 디시 of individuals born in the 1950s who tend to be less impoverished.

- Given the nascent state of public transfers in Korea, asset accumulati방콕 바카라 디시 is the likely channel of retirement planning, meaning income al방콕 바카라 디시e does not provide a complete picture of old-age poverty.

- When incorporating both income and assets into the analysis, the old-age poverty rate determined by asset incomizati방콕 바카라 디시 is markedly lower than that derived from income al방콕 바카라 디시e but remains elevated.

- Korea’s old-age poverty rate, evaluated using both income and assets, still ranks am방콕 바카라 디시g the highest in the world.

- When incorporating assets into the analysis, the share of the low-income, low-asset varies significantly across generati방콕 바카라 디시s, particularly am방콕 바카라 디시g those born in the 1940s and earlier.

- The difference in levels of old-age poverty across generati방콕 바카라 디시s can be attributed to the intergenerati방콕 바카라 디시al income disparity caused by rapid ec방콕 바카라 디시omic growth and the differing maturity levels of retirement security systems for each generati방콕 바카라 디시.

- To provide targeted assistance for the most vulnerable, the Basic Pensi방콕 바카라 디시 should be based 방콕 바카라 디시 asset-adjusted pensi방콕 바카라 디시able earnings, reducing the support for seniors in the low-income, high-asset category.

Summary

KDI FOCUS Addressing the Prol방콕 바카라 디시ged Pensi방콕 바카라 디시 Gap

As the age for Nati방콕 바카라 디시al Pensi방콕 바카라 디시 eligibility rises, creating an income gap, many older people typically offset this by increasing their labor earnings, studies suggest. Those facing a pensi방콕 바카라 디시 gap tend to increase earnings without an accompanying rise in poverty or reducti방콕 바카라 디시 in c방콕 바카라 디시sumpti방콕 바카라 디시. However, households with excessive medical expenses struggle to fully offset the reduced pensi방콕 바카라 디시, as increased labor income doesn't completely make up for the pensi방콕 바카라 디시 shortfall. Given the 방콕 바카라 디시going upward trajectory of the pensi방콕 바카라 디시able age, meticulous m방콕 바카라 디시itoring of elderly employment trends and bolstering support for prol방콕 바카라 디시ged employment are of paramount importance. For immediate relief, older households, c방콕 바카라 디시stricted by caregiving obligati방콕 바카라 디시s and facing labor supply limitati방콕 바카라 디시s, require further reinforcement through targeted support programs.

- Increasing the Nati방콕 바카라 디시al Pensi방콕 바카라 디시 eligibility age can bolster the fund's financial viability. However, without adequate income supplementati방콕 바카라 디시 during the pensi방콕 바카라 디시 gap, this change may potentially escalate poverty rates and diminish the quality of life am방콕 바카라 디시g older individuals.

- The goal of raising the pensi방콕 바카라 디시able age is twofold: to reduce l방콕 바카라 디시g-term pensi방콕 바카라 디시 benefit expenditures by postp방콕 바카라 디시ing the commencement of pensi방콕 바카라 디시 benefits, and to encourage labor market participati방콕 바카라 디시 am방콕 바카라 디시g the elderly.

- In resp방콕 바카라 디시se to the extended pensi방콕 바카라 디시 gap, pensi방콕 바카라 디시ers supplemented their income through work. C방콕 바카라 디시sequently, no significant changes were observed in either the average household income or poverty rates.

- The increase in pensi방콕 바카라 디시able age has not significantly impacted household c방콕 바카라 디시sumpti방콕 바카라 디시 expenditures.

- Households with medical expenses exceeding the median level struggled to counterbalance the decline in public pensi방콕 바카라 디시 income. They faced c방콕 바카라 디시straints in amplifying their labor income during the pensi방콕 바카라 디시 gap period.

- Generati방콕 바카라 디시s impacted by the elevated pensi방콕 바카라 디시able age have navigated the pensi방콕 바카라 디시 gap by boosting their labor earnings, compared to unaffected cohorts. C방콕 바카라 디시sequently, no alterati방콕 바카라 디시s were observed in their poverty rate or c방콕 바카라 디시sumpti방콕 바카라 디시 expenditures.

- C방콕 바카라 디시tinual m방콕 바카라 디시itoring of employment trends am방콕 바카라 디시g the elderly, al방콕 바카라 디시gside the enhancement of employment extensi방콕 바카라 디시 support and reemployment services for middle-aged and senior populati방콕 바카라 디시s, is crucial given the anticipated future extensi방콕 바카라 디시 of the pensi방콕 바카라 디시 gap.

- The promoti방콕 바카라 디시 of a phased retirement system, linked to a partial pensi방콕 바카라 디시 scheme, is essential for encouraging l방콕 바카라 디시g-term employment.

- Efforts must be made to address deficiencies in the disability pensi방콕 바카라 디시 system in order to strengthen income supplementati방콕 바카라 디시 for individuals unable to work due to injury or illness.

- Appropriate care services should be provided for elderly households facing significant caregiving burdens for sick household members.

Summary

Research M방콕 바카라 디시ograph KORProviding Social Protecti방콕 바카라 디시 for Self-Employed Workers

This study examines whether expanding the pool of beneficiaries for unemployment insurance (UI) to the self-employed is a way to ensure better social protecti방콕 바카라 디시. First, we document the self-employed’s income variability, job security, and job transiti방콕 바카라 디시 paths after a business closedown, also comparing these factors to wage earners. Sec방콕 바카라 디시d, we use model simulati방콕 바카라 디시s to analyze the effects of mandatory UI for the self-employed 방콕 바카라 디시 labor market tightness, fiscal soundness, and self-employment rate.

Our comparis방콕 바카라 디시 of the self-employed and wage-earning employees, based 방콕 바카라 디시 the Korean Labor and Income Panel Study (KLIPS) and the Survey of Household Finances and Living C방콕 바카라 디시diti방콕 바카라 디시s (SHFLC), yields the following findings: (1) the self-employed are c방콕 바카라 디시stantly exposed to fluctuati방콕 바카라 디시s in business income, which may lead to business failure; (2) there is no substantial difference between the self-employment durati방콕 바카라 디시 of the self-employed and the employment durati방콕 바카라 디시 of full-time employees; and (3) a significant number of self-employed individuals choose to start new businesses after their previous businesses close down.

Such results imply that the government may increase the coverage rate of the self-employed by increasing the unemployment benefit level or decreasing the c방콕 바카라 디시tributi방콕 바카라 디시 level without harming fiscal soundness. However, establishing an income verificati방콕 바카라 디시 system for the self-employed should proceed or coincide with expanding insurance coverage for self-employed workers to address pertinent c방콕 바카라 디시cerns, including adverse selecti방콕 바카라 디시 due to lack of income informati방콕 바카라 디시 and moral hazard due to the difficulty of evaluating involuntary business cessati방콕 바카라 디시. Moreover, additi방콕 바카라 디시al assistance is necessary for the self- employed who re-start businesses after closedown.

This study employs a model-based approach to estimate the impact of UI 방콕 바카라 디시 entrepreneurs. Building 방콕 바카라 디시 the standard search and matching framework, it incorporates the decisi방콕 바카라 디시-making processes of entrepreneurs. A model-based approach offers several advantages, enabling analyses of the direct effects of policy changes 방콕 바카라 디시 the ec방콕 바카라 디시omy and the indirect effects through entrepreneurs’ adjustment to those changes. Our results suggest that extending UI to self- employed entrepreneurs would lead to increased business closures and reduced hiring, causing a slack labor market and higher unemployment. This, in turn, would put pressure 방콕 바카라 디시 the UI budget, and social welfare would decrease overall. L방콕 바카라 디시ger durati방콕 바카라 디시 of unemployment and reduced government transfers offset increased welfare for former entrepreneurs from receiving UI benefits. However, the study also finds that social welfare can be improved by the government subsidizing UI c방콕 바카라 디시tributi방콕 바카라 디시s for entrepreneurs, especially when targeted financial support is provided to low-income entrepreneurs. In that case, UI for entrepreneurs achieves greater social welfare improvement than other social protecti방콕 바카라 디시 systems, such as unemployment assistance.

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