In spite of many policy evaluation systems run by Korean Government, the trial had seldom made to assess social security programs focusing on the efficacy. In this research, we tried to develop the methodology to assess the efficacy of several main income security programs in Korea: Public Pension System including National Pension Scheme and Basic Pension System, National Basic Livelihood Security System(NBLS), Earned Income Tax Credit(EITC), Unemployment Insurance Benefit. Minimum Wage System was also taken into consideration.

Most of the programs but unemployment benefit have limited effect in decreasing poverty gap as well as poverty rate. In case of EITC and Unemployment Insurance, enlarging coverage is much required. More than 40% of the poor are not protected by these programs, and less then 20% of in-work poverty are covered. Considering that the coverages and adequacies for the non-aged poor are much low than those of aged poor, it is required to reform the means-test criteria of NBLS and introduce new income support programs of the working poor.