연금연구 : 국민연금의 임의계속가입제도 운영방안에 대한 소고: 임의계속가입제도의 역할 및 연기연금제도와의 관계를 중심으로

최옥금 ( Ok Geum Choi ) 한국연금학회 2013 연금연구 Vol.3 No.1

The purpose of this study is to suggest policy alternatives for voluntarily & continuously insurance in National pension which strengthens current voluntarily & continuously insurance. In order to suggest policy alternatives for voluntarily & continuously insurance, first of all, definition and role of voluntarily & continuously insurance in pension system are examined and issues of current voluntarily & continuously insurance in National pension are analysed. Then, voluntarily & continuously insurance and coverage criteria in other countries are compared. That is, in order to get policy implication for voluntarily & continuously insurance from other countries, voluntarily & continuously insurance and coverage criteria in Japan, UK is examined. Based on the above policy implication, the policy alternatives for voluntarily & continuously insurance are proposed in this pape.

퇴직연금제도 도입 기업의 특성 분석

박원주 ( Won Ju Park ),임두빈 ( Doo Bin Yim ),전용일 ( Yong Il Jeon ) 한국연금학회 2011 연금연구 Vol.1 No.2

The passage of The Workers` Retirement Benefit Guarantee Act in 2005 marked South Korea`s first official legislation requiring a comprehensive retirement pension plan. Although six years have passed since the plan`s introduction, only 16.2% of firms with five or more workers had adopted the pension plan by the end of October 2011. In this study, we examine the factors affecting the plan`s introduction and pension type choices by using empirical data from a Workplace Panel Survey in both 2005 and 2007. Our results find that labor unions negatively affect a smooth implementation of the pension plan, while a company`s agreement to stabilize employment produces a positive effect. Potential explanations include the possibility that the agreement process between management and labor speeds the adoption of a retirement pension plan. Another observed trend is that the higher a firm`s sales, the greater is its likelihood of choosing DB pensions. Similarly, the higher a firm`s labor costs per capita, the greater is its likelihood of choosing DC pensions. Finally, as the current retirement pension market structures are weighted towards the DB pension type, the institutional tools affecting firms` financial structures must change in order to promote other types of pension plans.

연금연구 : 두루누리사회보험이 소규모사업장의 저임금근로자에게 미치는 영향

한상운 ( Sang Un Han ),성주호 ( Joo Ho Sung ) 한국연금학회 2013 연금연구 Vol.3 No.1

The social insurance system in Korea has consistently been developd in a direction to reducing the class of not being benefited. Currently the government implements so-called “Durunuri social insurance” (supporting financially for the low-income workplace in a way of giving at most 50% (both national pension and unemployment insurance) contributions). Hereby we examined the impact of Durunuri social insurance through survey data collected mainly among micro-firms` low-income workers. Our main findings are as follows. Firstly, Durunuri social insurance does not meet the government expectation because as for low-income workplace, its rate joining newly is still lower than expected. Secondly, in order to solve this problem the government should additionally introduce the financial supports such as corporate tax benefit for employment extension and income tax benefit for long-term service employees, Andalso, it is surveyed that the current Durunuri system need to expand to whole-range social insurance. As we image, the above points are limited by government budget but should be gradually enacted for boosting the workplace welfare equity between low-income and high-income employee.

한국 연금개혁에서의 정치적 공간의 성격

김수완 ( Soo Wan Kim ) 한국연금학회 2012 연금연구 Vol.2 No.2

This study aims to reveal the multi-dimensionality of political space in Korean pension reform by analyzing why and how the reform debate had been progressed until 2007. The temporal and institutional context of the pension reform in Korea had a substantial difference from those of western welfare states with mature pension systems. The reform had a multi-dimensional feature which cannot be oversimplified as either ``reduction`` or ``expansion`` in the view of old-age income security. The multi-dimensional characteristics of the pension reform by which the coalition and compromise among the various interests had been developed became the outcome as well as the cause of the pension reform. This study analyzes the political space as three sub-spaces of formation of policy agenda, formation of interest cleavages, and the process of political decision making. The study shows that the three sub-spaces were not exclusive in Korean pension process, and the complicated policy agenda formed by particular time and institutions had a significant effect on the political cleavages and the decision making process.

연금연구 : 코스피200기업을 통해 본 퇴직연금 적립금 운용실태와 시사점

손성동 ( Sung Dong Son ),김혜령 ( Hye Ryung Kim ),권기둥 ( Ki Doong Kwon ) 한국연금학회 2013 연금연구 Vol.3 No.1

Facing the lower growth era, the companies` profitability is getting worsen and due to the lower interest rate, the financial soundness of retirement benefit pension is threatened. How on earth the deteriorated corporate profitability and lower interest have affected on retirement pension finance? How retirement benefit pension influence on corporate management? In this paper, we analyse the date of 178 companies which are operating defined benefit retirement pension among KOSPI200 companies and draw some implications. The result shows that ther ecent lower growth and lower interest have dampened defined benefit plans` funding ratios. Moreover retirement benefit pension costs also affect on corporate financial statements. It also shows that the lower the funding ratio is, in other words the weaker retirement pension financial soundness, the lesser profitability of the company is, the bigger effect the retirement benefit pension has on its sponsoring company. The reasons lie on not only the current economic climate but also on the pension management practice that still remains in the past. The paper`s implication for healthier retirement benefit pension is like following; first, the pension fund management should align with the pension reasoning, including the target return of the retirement pension fund should be ``max(discountrate, salary growth rate)+ a``. Second, retirement pension governance should be established by forming a retirement pension management committee. Third, the retirement pension management software includinginvestment policy statement and pension asset management process should be applied.

연금연구 : 사적연금 적립금 추이전망

오진호 ( Jin Ho Oh ),임두빈 ( Doo Bin Yim ),전용일 ( Yong Il Jeo ) 한국연금학회 2013 연금연구 Vol.3 No.1

The income replacement rate in Korea is relatively low, particularly for public pensions. Ensuring an adequate level of income replacement rates is very urgent, and thus private pensions, including corporate and personal retirements, have received more attention in order to reduce the gaps between the required and actual. Since retirement insurance was abolished in 2010, private pensions have continued to grow dramatically. However, the exact patterns have not been clearly predicted due to confidentiality or insufficient background information. In this novel academic attempt, we aim to forecast the scale of private pensions markets until the year 2020. For the corporate pensions that are managed either by workers or by their employers, the reserves are estimated and therefore predicted by several factors, including: the dynamics of the periodic payments, the system conversions from the retirement payment to the requirement pension, the additional contribution by workers, the amount of annual salary, the corporate profits, and the managing performance of retirement allowance. Furthermore, we examine possible variables that may influence the management of personal pensions, such as the incentive to hold private pensions, the patterns of holdings, and the monthly average deposits. We then select quantifiable variables using multiple regression analysis to ultimately form the forecasting model.

연금연구 : 중,고령자 은퇴만족도에 대한 연구

석상훈 ( Sang Hun Seok ),김헌수 ( Hon Soo Kim ) 한국연금학회 2013 연금연구 Vol.3 No.1

Based on samples classified as a retiree in the Korean Retirement Income Study, this study examined how much retirees were satisfied with their retirement life and analyzed which factors can affect their satisfaction. We found that their retirement satisfaction shows U-shape curve as their retirement life went on. In addition, with relation to periodicity of retirement income, the public transfers had a negative impact on retirees` satisfaction. On the other hand, the proportion of public pension benefits on the retirement income had a positive impact on it.

연금연구 : 국민연금의 장기 재정안정에 대한 연구

신기철 ( Kee Chul Shin ) 한국연금학회 2013 연금연구 Vol.3 No.1

The National Pension of Korea was introduced in 1988 as low premium with high income replacement ratio. Although the government have cut old age benefits several times, if the current premium rate were not increased, the next generations would be transferred high tax or premium burden due to very fast aging. Increasing premium or government subsidy as early as possible are necessary for the long-term sustainability of the national pension. If there are no actions, high tax or premium burden of the next generations would be inevitable and intergenerational fairness could be broken. The old age support ratio will be reduced 2. 58 in 2030, 1. 47 in 2050 from 5. 95 in 2010. Extraordinary fiscal policies should be introduced to loosen the burden of the next generations. To promote intergenerational fairness, and prevent vulnerability of economic growth, it is necessary to introduce ``intergenerational solidarity fund`` which will be used for agerelated social expenditures during tough budget times. It will be a corner stone of social cohesion in addition to prevent high tax or premium burden of the next generation.

공적연금 급여산식 분해와 세대간 형평성 분석

강성호 ( Sung Ho Kang ) 한국연금학회 2013 연금연구 Vol.3 No.2

In this study, the pension benefit formula was decomposed by intra- and inter-generational redistribution elements to review the effects of intergenerational redistribution. And the purpose of this study is improving equity of public pensions system through the results. According to the analytical results, the effects of intra-generational redistribution do not exist on average, but the effects of inter-generational redistribution do. According to the simulation analysis results, the pension benefit was 2.2 (or 3.3) times larger than contributions for 20 years contribution period in terms of income replacement rate of 40% (or 60%). Meanwhile, when we compare the intergenerational redistribution effects between the National Pension and Government Employees Pension, the longer the contribution and benefit duration causes the more cost-benefit ratio gap between the National Pension and Government Employees Pension. So, in terms of fairness of intra generation, we suggest reducing the benefits of the Government Employees Pension Scheme first. Finally, we looked at the relationships between the redistributions and real economic growth rate to examine the validity of inter-generational redistribution in these public pension schemes. According to the comparison, the degree of intergenerational redistribution is larger than real economic growth rate. Based on this result, we found that the reduction of the intergenerational redistribution need to be reduced. However, because the qualitative part of the intergenerational redistribution should be taken into account in policy making, pension policy changes need to be deliberately.

퇴직연금 시장규모 추정 및 제도변화 영향도 분석

박준범 ( Jun Bum Park ),이윤재 ( Yun Jae Lee ) 한국연금학회 2013 연금연구 Vol.3 No.2

The aim of this study is to estimate the size of the corporate pension market by corporate size and per year for the upcoming 10 years and analyze the impacts of policy changes, such as prohibition of early withdrawal from IRP accounts, on the corporate pension system. We, first, considered the calculation of total number of workers, number of participants by plan type. And the environmental changes such as the extension of retirement age were taken factor into this calculation. The followings are the results of the analysis. Firstly, by 2022, the size of corporate pension market will reach up to 259 trillion won at a growth rate of 14% per year. In particular, it seems that the size of DC and small business market will grow rapidly. Nevertheless, the coverage of small business market is expected to remain low until 2022. Therefore, we should facilitate the coverage of small business market by improving pension system. Secondly, It appears that the prohibition of early withdrawal from Individual Retirement Pension(IRP) account will raise the IRP market size from 26 to 66 trillion won, implying the retirement income of employees is to increase. Thus, government should prevent employees from early withdrawing in a short term and make it mandatory for employees to receive their pension benefits by annuity so as to facilitate regular and stable income in a longer term.