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Title An analysis on Financial Aspects of Public Pension Systems and Policy Directions in Korea

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    228
  • Date
    2007-04-23

In order to ensure income for retirees, there are four public pensions are being operated in Korea: National Pension, Public Employees Pension, Military Pension and Public Educational Personnel and Staff Pension. These public pensions have revenue of 30 trillion won while it has expenditure of 64 trillion won and operating fund of 64 trillion won in 2007. A reserve fund of these public pensions reaches 223 trillion won in 2007.

Since the problems of an aging society and a low birth rate have been getting serious, the government has to confront with the heavier financial burden to maintain the public pension system. In order to provide information of the public pension budget, this research investigates various aspects of the public pension operation focusing on fiscal unbalance of it. This research also proposes several policy implications to help reform of the public pensions. It suggests, for example, improvement of estimation system and establishment of new committee that enable the National Assembly to have an integral discussion for the public pension reform

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