International Comparison of Public Pension Models (I) — Focusing on the Dual-Pillar Pension Systems of Major Countries

This report analyzes the pension reform recommendations issued by international organizations, including the World Bank, and examines the pension system frameworks of major countries (Sweden, the Netherlands, Japan, and the United Kingdom). The appendix to this report contains simulation results for the projected income replacement rate of the National Pension under the Notional Defined Contribution (NDC) system that Sweden introduced for the first time in the world. These figures suggest that the National Pension of Korea has already accumulated an unfunded pension liability of a magnitude that is difficult to sustain.

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