Social Security System And Its Reform In South Korea

During the 1960s, the government of South Korea pursued a policy of"economic growth first and distribution next". With rapid economic growth in the 1960s, unequal opportunities and distribution of income among social classes emerged as concerns for policymakers and politicians. To provide the poor with basic needs, the government passed several welfare acts. With high economic growth from 1970s to the middle of 1990s, South Korea has built its welfare system step by step.Under the Asian financial crisis in 1997, South Korea has experienced the most signification to and extension of the welfare system. The extension of the Korean welfare system such as the National Pension Scheme was expanded to the urban area by dint of the crisis. After recovery from the crisis the welfare system is facing the most complicated social and economic environment. By examining both the positive and negative impacts of social polarization and the limit of the coverage of universal pension scheme, this paper will argue that Korea will rebuild and extent its welfare system and the most important point is to enhance the basic social security to all the people to against the risk in the globalization world.