퇴직연금제도의 문제점과 발전방향

Abstract

The purpose of this paper is to evaluate the new Korean corporate pension system, which is expected to be implemented at the end of 2005, and to derive its policy directions. Transformed from the mandatory severance payment started since 1950s, the pension system will need comprehensive amendments; in order to do that, change in related laws is necessary as well. First, the Compensation Liability Guarantee Fund should level up its coverages on unpaid compensation and should change its roles to guarantee the pension right. Second, tax preference on lump-sum severance payment should be reduced so that employees can get the incentive to move the pension. Third, workers’fringe benefits to accumulate assets, such as Workers’Welfare Fund, ESOP, Stock options, etc., should be restructured so that those can be used for the resources of corporate pension. In the new corporate pension system, the followings should be added: First, the system should be managed so that it can improve equity among workers. It should adopt top-heavy plans, and give workers incentives to increase productivity by designing pension right according to firms’own characteristics. Second, Pension Benefit Guaranteed Corporation (PBGC) should be implemented to protect the pensioners in case of pension institution’s bankruptcy. Third, tax incentives to transform the lump-sum severance payment to pension, should be given. Lastly, the contract-out from national pension contribution should be allowed to build a sound 3-pillar pension system. It will be helpful in maintaining stable pension system at the front door of aging society, because it will bind the corporate pension with national pension.