A Separately Edited Version Containing Only the Appendix of International Comparison of Public Pension Models (I)

Germany and Sweden began grappling with the challenges of population aging and low fertility well ahead of Korea—as early as the 1980s—and embarked on reforms aimed at building a "sustainable pension system." Sweden introduced the Notional Defined Contribution (NDC) pension in 1998, under which benefits are proportional to contributions paid in, while Germany in 2001 reduced the role of the public pension and instead created a private pension scheme subsidized by the government (the Riester pension).

The two former ministers advised that labor reform and resolution of the low-fertility problem must proceed in parallel in order to support pension reform in Korea. Former Minister Riester stated, "In an aging society, building a society in which people work is the foundation for maintaining a stable pension system." Former Minister Könberg emphasized, "A sustainable pension requires robust pro-natalist policies to accompany it."

 

https://www.donga.com/news/Economy/article/all/20221207/116882370/1