國民年金의 所得階層間 再分配效果

Redistributive Effect of the National Pension in Korea

This paper studies the redistributive effect of the National Pension System (NPS) introduced in 1988, using a multi-agent general equilibrium overlapping generations model(OLG). It is found that the introduction of the NPS reduces the welfare for all the income classes and the welfare cost is higher for the higher income classes with higher education. The former results from the crowd-out of the wealth caused by the NPS and the dead-weight loss of the contribution to the NPS, which is basically a tax on the labor income. The latter is due to the fact that the flat part of the pension benefit redistributes the resources from higher income classes to lower income classes and the degree of the distortion of the labor supply is higher for higher income classes.