A Study on Raising the Age Ceiling for Contributions to Strengthen Old-Age Income Security in National Pension

Abstract

This study examines labour market conditions for the elderly in relation to raising the National Pension's age ceiling to strengthen old-age income security. It also analyses the policy perceptions and preferences of stakeholders, including employers and employees, as well as the potential income security effects and fiscal impacts of raising the age ceiling. The purpose is to provide a basis for a coherent proposal to extend the retirement age. The results indicate that raising the contribution age for the National Pension is not solely determined by institutional norms but is instead a crucial consideration for the elderly labour market and pension system. While raising the age ceiling can enhance old-age income security, it should be accompanied by policies to support vulnerable labour market groups, such as enhancing contribution support. The effectiveness of these measures varies across groups depending on individuals' work history and employment conditions after age 60.