The Effect of Income on Life Satisfaction in Later Life: A Case Study of the Basic Old-Age Pension in South Korea

서지정보

· 발행기관 : 서울행정학회
· 수록지 정보 : 한국사회와 행정연구 / 34권 / 1호 / 281 ~ 300페이지
· 저자명 : 김혜원

초록

Despite keen interest among scholars and policy makers, little is known about whether income affects subjective well-being (SWB) in later life, a notoriously difficult question to answer, given the empirical challenge of isolating the effect of income from correlated influences and the possibility of reverse causality. I examine the effects of the 2008 introduction of the Basic Old-Age Pension, a noncontributory old-age pension in Korea, on older adults’ life satisfaction. For the causal estimation, this research analyses the 2005, 2007, 2009, and 2011 Korean Retirement and Income Study data and utilizes a difference-in- difference quasi-experimental design. Results show both the anticipation of the pension in 2007 and its actual provision in 2009 and 2011 increased older adults’ life satisfaction. The findings suggest that countries pursuing rapid industrialization need to pay careful attention to how the benefits from growth are distributed across generations.

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