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Division of Workers' Compensation (2009). Iowa workers' compensation manual. Gamber, E. N. & Sorensen, R. L. (1994). Are net discount rates stationary?: The implications for present value calculations: Comment. The Journal of Risk and Insurance, 61(3), 503-512. Haslag, J. H., Nieswiadomy, M., and Slottje, D. J. (1991). Are net discount rates stationary?: The implications for present value calculations. The Journal of Risk and Insurance, 58, 505-512. Ma, S. (2006). Measures of loss periods for the evaluation of lost earnings in Korea. Journal of Forensic Economics, 18(2, 3), 171-185. Office of Workers' Compensation Programs (2009). Injury compensation for federal employees, U.S. Department of Labor, Publication CA-810. Romans, J. T. & Floss, F. G. (1999). Structured settlements and the interest rate switch. Journal of Forensic Economics, 12(1), 57-64.
Quit or Not to Quit? : An Economic Analysis of Disability Benefits of Government Employees Compensation System Abstract In practice of compensation related to automobile insurance, court or workers' compensation insurance, disability benefits should be paid to the injured regardless of retirement when he/she is entitled to the disability benefits. Yet, disability benefits in GECS(government employees compensation system) could be paid only if the injured person retired from his job. So, when a government employee is entitled to the disability benefit of the GECS and unless he is forced to retire because of severe disability, he is given in effect two choices: He may quit the job and start receiving disability pension during his lifetime or continue working in the job and postpone the disability pension until retirement. Consequently, there is a doubtful point about the validity of current payment method in GECS. The purpose of this paper is to provide some bases for the evaluation of the current disability compensation system of the GECS in Korea. For this, we first summarized legal theories as well as court's decisions concerning subject matter. Then we conducted some economic analysis about how the timing of the retirement affects the total income of the government employees with disability. Also, for the comparison with the current system, we included the case in which disability payment continues even though he keeps the job. Key words : disability benefit, government employees compensation system, court's decision, economic analysis
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