An Analysis on Both Determinants of Purchasing the Private Pension and Changes in the Status of Subscribers

JEON, SEUNG-HOON; Lim Byung-In; Kang Sung-Ho

Journal of Insurance and Finance

2006, 17(1), pp.137-168
Publisher : Korea Insurance Research Institute
Research Area : Business Management

JEON, SEUNG-HOON ¹ , Lim Byung-In ² , Kang Sung-Ho ³

¹ 국회예산정책처
² 충북대학교
³ 국민연금관리공단

ABSTRACT

This study analyzes both determinants of purchasing a private pension and the after-subscription status of households during 2001-2003 by applying the binomial logit method to 4-7 waves of KLIPS. The following findings emerge from the empirical results. First, the national pension subscriber or the more the premium paid for the savings, the employed with a longer period, the more they save for the old-age, the higher the possibility of buying the private pension newly or reserving it. Second, the older, the more the cancellation of the private pension or the higher the probability which does not subscribe it newly. These imply following measures: strengthening a public relation to provoke the people to prepare for the old-age voluntarily, supplying the incentive mechanism for buying the public-and private pension more, and a new private pension for those who are 40-50 years old.
KEYWORDS

private pension , binomial logit method , odds ratio
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