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This review provides policy recommendations on how to improve the Korean pension system, building on the OECD’s best practices in pension design. It details the key features of the Korean pension system and identifies its strengths and weaknesses based on cross-country comparisons. The Korean pension system consists of a mandatory pay-as-you-go public scheme, occupational schemes and voluntary individual schemes. The review also covers the first layer of old-age social protection in Korea. This review is the eighth in the series of OECD Reviews of Pension Systems.

The Korean labour migration system has expanded since the mid-2000s, primarily in the admission of temporary foreign workers for less skilled jobs. Its temporary labour programme, addressed largely at SMEs in manufacturing and based on bilateral agreements with origin countries, has become the largest such programme in the OECD.  Structural changes in the labour force, with a rapidly shrinking and highly educated youth population, keep the underlying demand for this programme strong. Yet skills levels of workers are increasing, and there is interest in increasing Korea's share in global talent mobility, including international students and innovative entrepreneurs. This book addresses the question of how to ensure that international recruitment can help meet urgent needs in the labour market which cannot be met locally, and how the temporary labour migration programme - and other migration streams - can evolve to ensure that Korea meets its policy objectives. This review first examines the characteristics of the Korean labour market and main challenges where labour migration can help address demand. Following a discussion of various programmes and procedures, the review assesses how labour migration is playing a role in different sectors and how programme governance could be improved. It then explores the channels for high-skilled migrants and how these could be improved in light of international experience.

Housing in Korea has been part of the government policy development agenda for the past three decades contributing to reducing the historical housing shortage and improving the quality of dwellings. Despite its achievements, Korea now faces a housing affordability challenge as prices are too high for several social groups (i.e. newly wedded), owner occupancy levels are decreasing, and social housing is struggling to meet demand. Korea has a complex social housing system largely focused on low-income households, who still suffer from housing poverty in terms of housing stability, affordability and quality. A holistic view on housing policy to promote a more inclusive society and sustainable economic growth is needed. To overcome the current housing challenge requires expanding the network of public housing providers by including the private and community sectors that could alleviate the government’s financial burden. Korea is linking housing and urban regeneration strategies to respond to the complex challenges of social inclusion, job creation, housing and economic revitalisation. Korea has been at the forefront of smart city development for more than a decade, which has brought benefits to Korean cities such as integrated transport systems, and it is now committed to applying the concept as a vehicle for inclusive growth.