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Demographic Changes and Pension Reform in the Republic of Korea

dc.contributor.authorHyungpyo Moon
dc.description.abstractThis paper conducted a quantitative assessment based on a simulation analysis of what impact the reformed Korean National Pension Act on July 2007 could bring on its sustainability, equity, and adequacy, and then it inquires into policy implications for further development of the system. Overall, the recent reform is regarded as positive in the sense that efforts to prepare preemptive measures were made concerning the coming era of population aging by the way of financial stabilization, consolidation of pensionable right, and system rationalization. But, at the same time, challenges that require additional security from efficiency and equity perspectives still remain. In this regard, this paper suggests future policy agendas for resolution as follows: First, setting up a clear target for financial stabilization, and gradual increase of contribution rate; Second, curbing pressure from increasing contribution rate through improvement on pension fund management system and its profitability; and third, emphasizing the urgent need to raise the current earnings ceiling and to establish a multi-pillar old age income security system by activating corporate retirement pensions, private pensions, and reverse mortgages.
dc.publisherAsian Development Bank
dc.rightsCC BY 3.0 IGO
dc.titleDemographic Changes and Pension Reform in the Republic of Korea
dc.typeWorking Papers
dc.subject.expertPublic Financial Management
dc.subject.expertFinancial System
dc.subject.expertFinancial Statistics
dc.subject.adbPension Funds
dc.subject.adbMutual Funds
dc.subject.adbSocial Equity
dc.subject.adbFinancial Aspects
dc.subject.adbFiscal Policy
dc.subject.naturalPension plans
dc.subject.naturalIndividual retirement accounts
dc.subject.naturalEmployee pension trusts
dc.subject.naturalInvestment management
dc.subject.naturalMultiemployer pension plans
dc.subject.naturalKeogh plans
dc.subject.naturalIndividual retirement accounts
dc.subject.naturalPension plans
dc.subject.naturalEmployee pension trusts
dc.subject.naturalPension trusts
dc.title.seriesADBI Working Paper Series
dc.contributor.imprintAsian Development Bank
oar.adminregionEast Asia Region
oar.countryRepublic of Korea
oar.authorMoon, Hyungpyo

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  • ADBI Working Papers
    The Asian Development Bank Institute (ADBI) Working Paper series is a continuation of the formerly named Discussion Paper series which began in January 2003. The numbering of the papers continued without interruption or change. ADBI was established in 1997 in Tokyo, Japan, to help build capacity, skills, and knowledge related to poverty reduction and other areas that support long-term growth and competitiveness in developing economies in Asia and the Pacific.

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