On the Future of Social Security Systems

Abstract

This paper elaborates and tries to extend, here and there, a key vision from Kim Jinsoo (of Yonsei University) that social security systems are subject to an uphill battle in the coming decades around the world, which they are most likely -- if they abstain from responding quickly in appropriate terms, and to full extent -- to lose. The reasons for which have been determined and explained further. The extent and timing of them to impact is, however, yet uncertain, and certainly will vary from country to country. They are here already, and working against the inner, fincancial, logic of current insurance-based social security systems (be they Bismarckian or Beveridgean in nature). This paper, as the findings of Kim Jinsoo before, tries to sensibilize the issue of a future of social insurance-based social security systems that stands on, for sure, shaky grounds, if not much worse, given particularly, but not only, the current situation and trends of societal aging and labor market changes around the world.