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Video Description

Type: KIHASA Policy Featurette

Topic: It's old-age income security, stupid!

Guest Speaker: Choi Hyunsoo, Research Fellow, KIHASA

Transcript

I have noticed that many of the recent discussions on the Basic Pension have focused too much on piecemeal measures, such as broadening its eligibility or increasing the benefit amount by 100,000 won, without giving due consideration to its role or its structural relationship with the National Pension. I think the discussion should most of all be about the question of whether to put the Basic Pension at the bottom as a universal allowance and transform the National Pension into a mostly earnings-related plan; or else, to put the National Pension to play the basic role, with the Basic Pension supplementing toward a minimum standard of living for those who, coming short of contribution years or for some other reasons, fail to secure enough benefits from the National Pension.