실업자 보호정책의 개편 방향: 실업급여와 연금 통합을 중심으로 = Toward A New Scheme for Unemployment Protection -UI Benefit vs. Self-insurance Through Borrowings-

다국어 초록 (Multilingual Abstract)

Given the limitations of UI benefit and self-insurance through precautionary savings, this paper suggests a new scheme of income support for the unemployed, which offers unemployed workers not only UI benefit but also borrowings from their future pensionincomes. Allowing individuals to have effective self-insurance through pension-borrowing, this scheme provides them with consumption-smoothing and reduction in risk burden while maintaining search incentives of the unemployed. Simulation study based upon household panel data in Korea suggests that a heavy reliance should be set upon self-insurance through pension-borrowings rather than upon UI benefit, even for the low-income individuals who are subsidized under UI system. This result provides us with insightful implications for a social safety net in (fast-growing) developing countries, where people cannot afford a good amount of UI benefit or of precautionary savings against unemployment although they expect theirincomes to be much higher in the future. Indeed, it is consumption-smoothing effect of self-insurance through pension-borrowings, as well as its incentive-maintaining effect, that makes it a promising altemative of social safety net in developing countries