Most Koreans Over 65 Receive Pensions, but Over Half Get Less Than 500,000 Won a Month

[Economy 365]

While 9 out of 10 elderly people aged 65 and older receive a pension, more than half of the beneficiaries receive 500,000 won or less per month.

According to pension statistics for 2024 by Statistics Korea, the population aged 65 and older who received one or more types of pensions stood at 9.122 million, resulting in a recipient rate of 91.2%.

The average monthly pension payout was 737,000 won and the median amount was 497,000 won, with beneficiaries receiving 500,000 won or less accounting for 50.3% of the total.

Beneficiaries who owned homes received an average of 914,000 won per month, which was 1.6 times higher than the 581,000 won received by those who did not own homes.

For individuals aged 60 to 64, who may experience an income gap after retirement before receiving public pensions, the pension recipient rate stood at only 44.4%.

However, their average monthly payout was 1.05 million won, which was higher than the average for those aged 65 and older.

Statistics Korea explained that the higher average payout for recipients aged 60 to 64 is due to a larger proportion of them receiving long-prepared pensions such as national, occupational, and retirement pensions.

*This article was produced with AI audio.

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