공적연금 재정안정화를 위한 정책과제와 개선방안

Abstract

Korea is expected to see those aged 65-plus to take up around 40% of its population by 2060, with public spending on old-age income protection rising to 10 percent as a share of GDP. This Article is focused on how best to stabilize the finances of the four public pension schemes — the National Pension, which covers the general public, and special occupational pension schemes (Government Employee Pension, Military Pension, and Private School Teachers’ Pension) — and the recently introduced Basic Pension in the age of rapidly aging population. In the case of the National Pension remains as a challenge is to raise the contribution rate from the current 9% (4.5% for the employee and another 4.5% for the employer) to 15~16%, a level that will keep the National Pension from becoming a pay-as-you-go system. Also important is to reduce the share of the old-age population by increasing the country’s fertility rate. As for the Basic Old-age Pension, a non-contributory program that now pays out benefits to 70 percent of the elderly population, will have to remain a pay-as-you-go system so as to keep it from any political influence that may intend to raise its benefit level for more number of people. Government Employee Pension reformed in 2015. the Military Pension and the Private School Teachers Pension also should followed the same legislative changes the Government Employee Pension. To make the occupational pension schemes comparable with the National Pension, it is necessary to convert the portion of deferred compensation to “severance payment”, which private-sector workers receive upon retirement. This would help ensure fairness between the special occupational pension schemes and the National Pension, while also making the former financially more stable.