Abstract
Federal old-age insurance, a form of social insurance, is an attempt to simultaneously implement two principles: individual equity and social adequacy. In this paper, traditionally accepted definitions of these two concepts are reexamined, and they are quantified by using hypothetical cases of retired workers with varying contribution records. The conclusion is that the old-age insurance program is implementing not only individual equity but also social adequacy for all retired workers and that the degree of social adequacy is greater for the high-wage earner than for the low-wage earner. As a policy implication, it is suggested that social adequacy be equalized in order to make possible a higher minimum benefit.
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