제목

Basic Old-Age Pension and financial wellbeing of older adults in South Korea

저자

SHIN, E. and DO, Y.K

발행기관

© Cambridge University Press 2014

발행일

19 February 2014

키워드

non-contributory pension, financial wellbeing, South Korea, old-age poverty

abstract

South Korea's old-age poverty rate is among the highest in the developed world. Confronted with the increasing demand for a social safety net for older people, the South Korean government introduced the Basic Old-Age Pension (BOAP) in 2008. The BOAP is a non-contributory, means-tested pension covering 70 per cent of the elderly population, with monthly benefits amounting to 84 kW (thousand Korean won, approximately equivalent to US $1) for singles and 139 kW for couples. Little empirical research has been conducted, however, to evaluate the effectiveness of the new pension programme in supporting the financial wellbeing of older people. Using data from the 2008–2010 Korea Welfare Panel Study, a panel data analysis is conducted to estimate the effects of the BOAP on three sets of financial wellbeing measures: financial difficulty, monthly consumption and overall financial satisfaction. The results suggest that the BOAP has beneficial effects on the financial wellbeing of older people by improving affordability of basic subsistence items such as heating and nutritious meals, particularly among the older-old group. However, the effects are limited to these few outcomes only; overall financial wellbeing and other important indicators remain unchanged.

주요내용

한국의 기초연금제도. 기초연금에 대한 설명. 2008-2010의 한국 복지패널 연구로 1) 재정적어려움, 2)월별소비, 3)재정 만족감 등으로 기초연금 효과성 분석.

ISBN

10.1017/S0144686X14000051(DOI)

Link

https://www.cambridge.org/core/journals/ageing-and-society/article/div-classtitlebasic-old-age-pension-and-financial-wellbeing-of-older-adults-in-south-koreadiv/C74591F01AE77E4184B4708FF151A026