Equitable and Sustainable Pensions: Challenges and Experience by Benedict Clements; Frank Eich; Sanjeev Gupta

Author:Benedict Clements; Frank Eich; Sanjeev Gupta
Language: eng
Format: epub
ISBN: 9781484395097
Publisher: International Monetary Fund
Published: 2014-08-15T00:00:00+00:00

Description of the Public Pension Systems in Korea

Current Structure

Korea has a multipillar income security system (Table 11.1). The national pension system is by far the largest pillar, covering 19.9 million people as of December 2011, while the public occupational pension systems (for civil servants, private school teachers, and military personnel) cover 1.4 million people. The number of people affiliated with private pension systems (retirement and individual pensions) is still quite small. Meanwhile, the basic old-age pension, which is a means-tested benefit, covers 70 percent of the elderly. The so-called national basic livelihood security system is a safety net and social assistance program. It was transformed in 2001 from a livelihood care system dating back to 1960 to a top-up benefit program.

Table 11.1 Overview of Income Security Systems in Korea (December 2011)

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