Social Insurance of the Republic of Korea

Published on July 4, 2024
Published by Social Cost Estimates Division, Budget Analysis Department

   Due to population aging and shifts in industrial structure, citizens are increasingly vulnerable to various social risks such as old age, illness, and job instability. Consequently, the importance of social insurance in protecting the public from these risks is growing.
   In response, NABO has published "Social Insurance of the Republic of Korea," a detailed commentary providing a structured overview of Korea's eight primary social insurance programs. This report aims to offer a systematic review of the operational principles, structure, and current status of Korea's social insurance system. Part 1, "Understanding Social Insurance," outlines the fundamental concepts, operational principles, system characteristics, and recent developments in social insurance. Parts 2 and 3 delve into the specifics of the four public pensions and the other four social insurance schemes. These sections provide in-depth insights into the operational mechanisms of each program, eligibility criteria for subscribers, types of benefits, fiscal structures, and pertinent statistics including the number of subscribers and beneficiaries, and fiscal status.