SEOUL, South Korea — President Yoon Suk Yeol reaffirmed his commitment to raising the monthly basic pension for older citizens during a ceremony marking Parents' Day on Friday. This pledge comes as part of his administration's broader policy goals to enhance the financial stability of South Korea's senior population.
According to Yonhap News Agency, the government plans to increase the monthly basic pension from just over 320,000 won to 400,000 won (approximately US$292). This benefit targets individuals aged 65 and older who are within the bottom 70 percent of the income distribution. "The infinite sacrifices of the parents' generation continue to this day, and as our society rapidly develops, I often think whether we are forgetting to appreciate them," Yoon remarked at the event, which also marked the first time a sitting president has attended the annual Parents' Day ceremony.
Further, Yoon outlined initiatives aimed at improving the quality of life for seniors, including creating more job opportunities, increasing wages, and expanding care services to alleviate the financial burden of nursing fees. The event, attended by approximately 1,300 seniors and numerous government officials including Health Minister Cho Kyoo-hong, also saw Yoon personally pinning carnations on three senior participants—a gesture of gratitude and love customary in South Korea.