한국 공무원연금의 재정 건전성에 관한 연구

Abstract

ABSTRACT

A Study on Financial Soundness in Korean Government Employees Pension System

Yulian Jin Department of Social Welfare Graduate School Chosun University

The public employee pension system has performed from 1960 for one of the social insurance system. The public employee pension is a compulsory plan which a contributor pays a contribution in his or her workable period and is guaranteed the minimum standard of living of his or her who is incapable of supporting herself or himself due to physical disability, disease, old age or other reasons.

However, the public employee pension faces a serious financial crisis. This paper describes the causes triggering current financial unbalance of pubic employee pension as increase of beneficiaries vs. decrease of contributors, low contribution but high coverage, and low-profitable fund operation. This study attempts to analyze the present conditions of the public pension systems and to secure the sound finance for the public pensions. this study seeks the alternatives for the national system management. the problem of the unbundling of the public pension system is due to the pension system structure of the more expenditures than incomes.

As the analysis, we suggest that to secure financial the health for the public pension the incremental insurance premium increase, reduction of the pension benefits, the age of acquiring qualification for the pension benefits and rational funding system is required.

Firstly, the public employee pension has more beneficiaries than its contributors. Taking into consideration the extension of average span of life, the age eligible for the pension will be increased.

Secondly, the public employee pensions originally have an odd actuarial model with low contribution but high coverage. What is worse, when persons on long-term service and extension of pensionable qualifying period are added, they touch off more serious issue. Therefore, raising contribution payment and adjusting the proper level of benefits for contributions paid are needed to improve its financial structure.

Lastly, for the efficient, transparent, specialized, and responsible operation.

It should be noted that this study is mainly intended to provide some insights to policy-makers who desire the better part of the korean government employees pension system. that is this paper might lack some important theoretical qualities, which will be hopefully corrected in the future study of this field.