現行 國民年金制度의 構造的 分析

Structural Analysis d the Social Security System in Korea

This paper calculates the present value of contributions and expected retirement benefits for .households of different incomes, marital status, and age cohorts to examine the financial solvency problem as well as the intra-and inter-generational redistributive effects of Social Security system which was first introduced in 1988. Also computed are wage replacement ratio, internal rate of return, and net gains from participation in the system. The results indicate that the system is unlikely to be financially solvent since it guarantees large amounts of net gains from participation for all age cohorts and for all earnings levels. Both the inter-and intra-cohorts redistributive effects of the system are shown to be quite substantial; the early cohorts of retirees are expected to have very large rates of return on their contributions compared to later cohorts, and the magnitude of the differences in treatment of households of different income or marital status are very large.