Strengthening the social safety net in Korea:
Social protection in Korea is designed around traditional forms of employment and excludes a substantial share of workers in non-standard employment. The resulting social protection gaps compound income inequality and undermine financial sustainability as uninsured persons rely on tax-financed benef...
Gespeichert in:
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| Weitere Verfasser: | , |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2022
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| Schriftenreihe: | OECD Economics Department Working Papers
no.1733 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Social protection in Korea is designed around traditional forms of employment and excludes a substantial share of workers in non-standard employment. The resulting social protection gaps compound income inequality and undermine financial sustainability as uninsured persons rely on tax-financed benefits. Besides, Korea's tax and benefit system discourages taking up or returning to low-paid work from social assistance or unemployment benefits. Expanding the reach of employment insurance while redesigning the tax and benefit system could boost work incentives and reduce inequality and poverty. The elderly poverty rate is persistently high, partly because public pensions and social insurance were introduced relatively recently. Better targeting the means-tested Basic Pension could reduce elderly poverty considerably. Lengthening careers is essential to ensure pension sustainability and adequate retirement income for future retirees. Shifting from a severance pay system to a corporate pension would help improve retirement income and lower employers' incentives to push for early retirements. Reducing inequalities in access to health and long-term care will require expansion of primary care and affordable quality home-based care. This will also help address the overreliance on hospitals and cope with rising demand. |
| Beschreibung: | 1 Online-Ressource (38 p.) 21 x 28cm. |
| DOI: | 10.1787/45486525-en |
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| 520 | |a Social protection in Korea is designed around traditional forms of employment and excludes a substantial share of workers in non-standard employment. The resulting social protection gaps compound income inequality and undermine financial sustainability as uninsured persons rely on tax-financed benefits. Besides, Korea's tax and benefit system discourages taking up or returning to low-paid work from social assistance or unemployment benefits. Expanding the reach of employment insurance while redesigning the tax and benefit system could boost work incentives and reduce inequality and poverty. The elderly poverty rate is persistently high, partly because public pensions and social insurance were introduced relatively recently. Better targeting the means-tested Basic Pension could reduce elderly poverty considerably. Lengthening careers is essential to ensure pension sustainability and adequate retirement income for future retirees. Shifting from a severance pay system to a corporate pension would help improve retirement income and lower employers' incentives to push for early retirements. Reducing inequalities in access to health and long-term care will require expansion of primary care and affordable quality home-based care. This will also help address the overreliance on hospitals and cope with rising demand. | ||
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| spelling | Hwang, Hyunjeong VerfasserIn aut Strengthening the social safety net in Korea Hyunjeong, Hwang, Axel, Purwin and Jon, Pareliussen Paris OECD Publishing 2022 1 Online-Ressource (38 p.) 21 x 28cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.1733 Social protection in Korea is designed around traditional forms of employment and excludes a substantial share of workers in non-standard employment. The resulting social protection gaps compound income inequality and undermine financial sustainability as uninsured persons rely on tax-financed benefits. Besides, Korea's tax and benefit system discourages taking up or returning to low-paid work from social assistance or unemployment benefits. Expanding the reach of employment insurance while redesigning the tax and benefit system could boost work incentives and reduce inequality and poverty. The elderly poverty rate is persistently high, partly because public pensions and social insurance were introduced relatively recently. Better targeting the means-tested Basic Pension could reduce elderly poverty considerably. Lengthening careers is essential to ensure pension sustainability and adequate retirement income for future retirees. Shifting from a severance pay system to a corporate pension would help improve retirement income and lower employers' incentives to push for early retirements. Reducing inequalities in access to health and long-term care will require expansion of primary care and affordable quality home-based care. This will also help address the overreliance on hospitals and cope with rising demand. Economics Korea, Republic of Purwin, Axel MitwirkendeR ctb Pareliussen, Jon MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/45486525-en Volltext |
| spellingShingle | Hwang, Hyunjeong Strengthening the social safety net in Korea Economics Korea, Republic of |
| title | Strengthening the social safety net in Korea |
| title_auth | Strengthening the social safety net in Korea |
| title_exact_search | Strengthening the social safety net in Korea |
| title_full | Strengthening the social safety net in Korea Hyunjeong, Hwang, Axel, Purwin and Jon, Pareliussen |
| title_fullStr | Strengthening the social safety net in Korea Hyunjeong, Hwang, Axel, Purwin and Jon, Pareliussen |
| title_full_unstemmed | Strengthening the social safety net in Korea Hyunjeong, Hwang, Axel, Purwin and Jon, Pareliussen |
| title_short | Strengthening the social safety net in Korea |
| title_sort | strengthening the social safety net in korea |
| topic | Economics Korea, Republic of |
| topic_facet | Economics Korea, Republic of |
| url | https://doi.org/10.1787/45486525-en |
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