Comparative Study on Evaluation of Social Security Policy Effectiveness for the Low-Income Elderly

Abstract

Focusing on the elderly, this study examined the effects of reducing poverty and inequality in the US and the UK. The UK is classified as a selective welfere state along with the US, but the UK has a greater income redistribution effect than Korea and the US because of the maturity of the public pension system, the application of a universal pension system to low-income people, and various welfare programs. When the analysis results on poverty reduction are summarized, it can be inferred that in order to alleviate poverty, it is still necessary to expand the cash benefit-centered system and raise the level of security. Regarding the decrease in inequality, the effect in Korea is still small compared to the US and the UK, but the effect of reducing inequality in Korea has been found to be continuously increasing. and Taking the research results together, it seems that the role of public pensions is more necessary to reduce inequality.