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The Development of Korean Social Insurance and the Challenges: Inclusiveness and Sustainability

Yun, Heesuk

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Abstract

Social insurance is the backbone of the Korean welfare system, but there are growing concerns over its lack of inclusiveness and sustainability, two objectives generally perceived as separate from or incompatible with each other. This study examines the structure in which inclusiveness and sustainability affect each other in Korea’s major social insurance schemes, the National Pension Service and Employment Insurance. In these programs, inclusiveness and sustainability are positively related, as the long-term unsustainability of the current level of benefits is causing individuals to drop out or discourages potential participants from coming onboard, negatively affecting the scheme’s inclusiveness. This structural problem warrants a more comprehensive perspective in pursuing inclusiveness and sustainability in social insurance programs.

Issue Date
2019-04
Publisher
KDI School of Public Policy and Management
Keywords
Social Insurance; Inclusiveness; Sustainability; Blind Spots; Benefit Floor; Actuarial Balance
Pages
18
Series Title
KDI School Working Paper 19-05
URL
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3369308
Language
ENG
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