국민연금제도의 세대 간 소득재분배 효과 분석: 사망률 개선 효과와 시장수익률 측면에서

초록

This research analyzed the intergenerational income redistribution effect while taking into account the market environment and cohort-specific improvements in mortality rates, utilizing the money’s worth ratio. Our results show that, firstly, improvements in mortality rates positively impacted the money’s worth ratio for all cohorts. Secondly, applying the market return rate to the discount rate for the money’s worth ratio resulted in a decreased disparity in the money’s worth ratio between generations, as low interest trends reduce discount rates of younger generations further. Thirdly, considering both the improvements in mortality rates and market return rates led to a substantial reduction in the disparity in intergenerational income redistribution. Finally, the money’s worth ratios calculated in the previous studies were lower compared to the ratio in this study.

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