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.