Seoul: South Korean pensioners received an average of 737,000 won (US$534) per month in 2024, data showed Tuesday, with more than 90 percent of people aged 65 and older receiving at least one type of pension. The amount marks an increase of 42,000 won, or 6 percent, from a year earlier, with the proportion of pensioners in the age group rising from 90.9 percent to 91.2 percent.
According to Yonhap News Agency, the report from the Ministry of Data and Statistics indicated that the median pension amount was 497,000 won. It highlighted that 6.3 percent of the 9.12 million pensioners received 2 million won or more per month, while 33.8 percent received between 500,000 won and 1 million won. Those receiving between 250,000 won and 500,000 won accounted for 46.7 percent of the total.
Households with at least one pensioner received an average of 959,000 won per month in 2024, marking an increase of 61,000 won from the previous year. Pension recipients who owned homes received 914,000 won on average, significantly more than the 581,000 won received by those without homes. A senior statistics official explained that homeowners typically had more stable economic activity during their working years, enabling them to contribute more to pension programs.
The report also detailed gender disparities, showing that male recipients received 957,000 won on average, compared with 546,000 won for female recipients. This discrepancy reflects cumulative differences in pension enrollment periods and contribution amounts. The data also revealed that 23.48 million people aged 18 to 59 were enrolled in pension programs in 2024, representing 81.1 percent of the age group, though this number was down 1.1 percent from the previous year. The average monthly contribution for this age group was 363,000 won, an increase of 19,000 won from a year earlier.