□ Exploring current basic pension-related issues and proposals to improve the pension scheme in the medium and long term in order to obtain and provide insightful implications
□ (Issues on Amendment of the Basic Pension Act and its Further Discussion) Identification of issues related to the propose d partial amendment to the Basic Pension Act currently pending at the 21st National Assembly of Korea and suggesting remaining issues for future discussion
ㅇ (Abolition of Pension Benefit Reduction) Discussion on the abolition of aggregated reduction of national and basic pension and deduction of benefits for married couples
ㅇ (Expansion of Basic Pensions) Analysis on expanding the scope of recipients and raising pension benefits
ㅇ (Guaranteeing Entitlement of People of Distinguished Service to the State and Beneficiaries of Occupational Pensions) Discussion on guaranteeing entitlement of people of distinguished service to the State and occupational pension beneficiaries whose basic pension benefits are limited
ㅇ (National Treasury Subsidy Rates) Assessments of increase of the current national treasury subsidy rates which stand at 40 - 90% level
□ (Issues and Exploration on the Basic Pension System) Examination of issues that have emerged within the basic pension system, between the basic pension system and national pension system, and the national basic living security system
ㅇ (Unclear Functions and Objectives) Exploration of the functions of basic pension, taking into account how the view on their functions can inform their goals, future directions, and operational considerations
ㅇ (Financial and Social Sustainability) Identification of a need to assess the adequacy of the 70% target of basic pensions, with continuous growth of the number of basic pension recipients expected
ㅇ (Pragmatism of Methods for Calculating Assessed Amount of Income) Need to assess the adequacy of the target eligibility rate, 70% of the older population
ㅇ (Relationship between Basic Pension and National Pension: Uncertain Source of Old-age Income) Examination of the uncertainty in the pension systems, considering the negative impacts the increase of basic pension benefits could have on the long-term participation of national pension
ㅇ (Relationship between Basic Pension and National Basic Living Security System: Complexity and Overlapping Roles between the Two Systems) Identification of the need to restructure the systems, arising from their overlapping roles and functions
□ (Policy Proposals: Restructuring the Basic Pension System) Possible approaches to restructure the basic pension system: 1) guaranteeing minimum income, 2) guaranteeing a minimum level of pensions, and 3) introducing universal basic pensions, with the relationship with national pension taken into consideration
ㅇ (Guaranteeing Minimum Income) This strategy involves providing targeted public welfare for the elderly by integrating basic pensions with the national basic living security system, while maintaining the operation of the national pension status quo
ㅇ (Guaranteeing a Minimum Level of Pensions) This approach involves setting a threshold for paying basic pensions based on individuals who are not eligible for the national pension, which is determined by income levels
ㅇ (Universal Basic Pensions) This approach involves widening the eligibility threshold from the current 70% of the elderly population to a full 100%, effectively transforming the existing basic pension scheme into a universal basic income model for all senior citizens
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