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Pension Systems for Public Sector Employees in the Republic of Korea

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  • Kim, Jae-Kyeong
  • Moon, Hyung-Pyo

Abstract

On December 31, 2009, the Government Employees Pension System (GEPS) in the Republic of Korea was faced with a huge pension reform. The objective of the reform was to lessen the financial burden in the future. This paper tries to provide a comprehensive understanding on the 2009 reform, rationalizing on the resulting effects, its limitation and tasks ahead. Initially, upon the preliminary comments on the structure of public pension system in Korea, the paper presents the history and design features of the pension schemes for public sector employees. Second, it provides detailed aspects of the reform such as key issues, reform process and resulting pension structure. Then, as a primary concern, it examines the effects of the 2009 reform from two different perspectives; financial evaluation in macro perspective and individual equity evaluation in micro perspective. Finally, we will try to evaluate the 2009 reform of the GEPS as a whole, and then to address its limitation and tasks ahead. We show that, while the 2009 reform could consolidate the financial status for the scheme by and large, the GEPS will inevitably face various challenges ahead. The implication is that future path of the reform should be chosen in a fashion that both macro-financial aspect and micro-equity aspect are equally well considered.

Suggested Citation

  • Kim, Jae-Kyeong & Moon, Hyung-Pyo, 2011. "Pension Systems for Public Sector Employees in the Republic of Korea," PIE/CIS Discussion Paper 499, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
  • Handle: RePEc:hit:piecis:499 Note: Pension Workshop, January 21-22, 2011, Tokyo
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    References listed on IDEAS

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    1. Ludger Wößmann, 2005. "Educational Production in East Asia: The Impact of Family Background and Schooling Policies on Student Performance," German Economic Review, Verein für Socialpolitik, vol. 6(3), pages 331-353, August.
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    3. Ammermuller, Andreas & Heijke, Hans & Wo[ss]mann, Ludger, 2005. "Schooling quality in Eastern Europe: Educational production during transition," Economics of Education Review, Elsevier, vol. 24(5), pages 579-599, October.
    4. Andrea M. Mühlenweg & Patrick A. Puhani, 2010. "The Evolution of the School-Entry Age Effect in a School Tracking System," Journal of Human Resources, University of Wisconsin Press, vol. 45(2).
    5. Ludger Woesmann, 2003. "Schooling Resources, Educational Institutions and Student Performance: the International Evidence," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, pages 117-170.
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    More about this item

    Keywords

    Government Employees Pension System (GEPS); Military Pension System (MPS); pension reform; financial status; individual equity;

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