A Study on Social Consensus Models for Pension Reforms

Abstract

In pension reform, it is crucial to secure procedural legitimacy through social consensus among members of society, because pension reform is a political issue rather than an economic or actuarial one. On the other hand, as the interests of society members vary depending on the direction of pension reforms, it is necessary to search for specific and feasible reform plans and to precede the process of identifying the policy preferences of society members to advance pension reform discussions. Therefore, this study aims to propose a social consensus model and specific and practical social consensus mechanisms that can help advance discussions on pension reform in Korea. This study is composed of four main parts. First, we examine the concept, role, and importance of social consensus in pension reforms(Chapter 2) and review the social consensus process in pension reforms of significant countries to derive implications (Chapter 3). Second, after examining the issues facing public pensions in Korea, we analyzed the impact of significant reform proposals on the adequacy and financial sustainability of public pension to understand changes in interests according to specific reform plans (Chapter 4). Third, we identify the awareness and policy preferences of the public regarding pension reforms through focus group interviews (FGI) (Chapter 5). Finally, based on the research contents, we search for suitable social consensus mechanisms for promoting pension reforms.