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Reforming Korean Retirement Pension System in 2005 : In pursuit of Incremental Transformation through Layering?

Eunsun Joo 1 정해식 2

1대구대학교
2서울대학교

Accredited

ABSTRACT

This study is to investigate the historical meaning of Korean retirement allowance reform in 2005 focusing on the interactions between actors and institutions, and the effects of institutional legacy on the results of the reform. The retirement pension system was layered to the old retirement allowance at the same time when paying-out the retirement allowance during employment was introduced. Though the Labor and the Capital each emphasized the benefit security and cost curtailment oppositely, both of them supported paying-out the retirement allowance during employment and financial asset accumulation together. The results of the investigation are as follows. First, the historical legacy and the contents of the retirement allowance had been working during about 50 years have affected the strategies of main actors, the Capital, the Labor and the government. Second, the differential growth mechanism to eventual transformation is affected by not only incentive structure also by the institutional legacy. To summarize results, how the institution had been before reform is related with the reform process and results of the reform.

Citation status

* References for papers published after 2022 are currently being built.