국민연금의 소득재분배 효과 분석: 이질적 경제주체 생애주기 모형을 이용한 분석

We quantitatively analyze the redistribution effect of the National Pension Reform in Korea that increases replacement rate and contribution rate. The income tax financing is explicitly incorporated when the National Pension goes into deficit. Using a heterogeneous agent life-cycle model calibrated under the current population structure and pension system, we examine the redistribution effects of the reform under an aging economy. The reform reduces the cross-sectional income inequality, measured by the Gini coefficient, because of larger income transfers to the elderly. However, the life-cycle inequality, measured by the rate of return on net tax and transfer including national pension across the life-time income quintile, gets worsen due to a reduction in basic pension transfer for the elderly poor under the reform.