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TitleThe Inter- and Intra- Cohort Redistributive Effect of the Reform of National Pension System in Korea
Authors전영준
Issue Date1998-09-01
PublisherKIPF
Citationpp. 2
AbstractIn this paper, an evaluation of the recent reform plans for the National Pension System is performed. A special emphasis is on redistribution of welfare across generations and between current insurants of the NPS and new insurants, who are going to be covered by the NPS from october, 1998. For this purpose, the income capturing rates for current participants and new participants(the self-employed in urban area) are estimated using panel data and a multi-agent general equilibrium overlapping generations model is constructed. The Results of the policy simulation can be summarized as follows. Because of the difference in income capturing rate accross groups and its strong redistributive element, the revision plan of the Korean Government causes the adverse intra-cohort redistributive effects. Even though the average actual(real) income of the new participants is higher than that of current insurants, low income capturing rate for new participants makes their reported income lower than that of the current insurants. For the intergenerational aspect, the government plan including a drastic increase in the contribution rate and maintenance of high level of pension payment level is found to cause welfare loss for the future generations through a distortion of labor supply and capital accumulation. More proper selection of source of pension budget such as central government tax revenue and decrease of pension benefit level are suggested in order to promote equity across income classes and to enhance the welfare of the future generations.
Keywords국민연금, 소득, 복지
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