This study explores measures to introduce the retirement benefit plans for mayors in Korea. We address the issue from the legal perspectives and cost-benefit analysis approach. We reach the following conclusions. First, mayors should receive retiremen...
This study explores measures to introduce the retirement benefit plans for mayors in Korea. We address the issue from the legal perspectives and cost-benefit analysis approach. We reach the following conclusions. First, mayors should receive retirement benefits because they serve as a full time employees like the regular government employees. Second, mayors are unfairly excluded from the Government Employees Pension(GEP) because they are not applicable to the Government Employee Law nor the Worker`s Retirement Benefit Guarantee Law. Third, mayors in other countries such as US, Japan and Germany are beneficiaries of government pensions and this allows them to concentrate on their job without a doubt on retirement income flow. Finally, in practical, it is better for Korea to apply GEP to the majors first, then allow them to buy annuities using withdraws or to stay in GEP.