27% of National Pension Subscribers Have Less Than 10 Years... Monthly Benefits Under 200,000 Won

Statistics Korea Announces Pension Statistics Development Results on the 26th

It was found that 27.9% of National Pension subscribers receive an average monthly pension amount of less than 200,000 won. This is because their subscription period is less than 10 years, failing to meet the minimum subscription period required for pension benefits.

According to the 'Pension Statistics Development Results' announced by Statistics Korea on the 26th, as of 2021, the number of National Pension recipients with a subscription period of less than 10 years was 1,106,000 (27.9%). Their average National Pension amount was 194,000 won, which is only half of the overall average of 385,000 won (with an average subscription period of 12.4 years).

Generally, to receive the National Pension, one must have paid premiums for at least 10 years. However, special pensions, disability pensions, and linked pensions can be received even by subscribers with less than 10 years of subscription.

Among National Pension recipients, those with a subscription period of 10 years or more but less than 20 years were the largest group. They numbered 1,901,000, accounting for 47.9% of the total. The average monthly National Pension amount was 405,000 won, and including other pensions, it was about 623,000 won.

For subscribers with 20 years or more but less than 30 years, the number was only 438,000, but the National Pension amount was 939,000 won, and the total pension amount reached 1,131,000 won. Subscribers with more than 30 years had the highest National Pension amount at 1,303,000 won, with total pensions amounting to 1,625,000 won.

Occupational pensions had the largest number of recipients with over 30 years of subscription at 239,000, accounting for 48.2% of all recipients. The occupational pension amount was 3,098,000 won, and including other pensions, it was 33,207,000 won. Those with 20 to 30 years of subscription accounted for 33.4%, ranking second. Their pension amounts were 2,012,000 won and 2,103,000 won, respectively.

Expanding to all pensions, the number of pension recipients aged 65 and over was 7,768,000, with basic pension recipients at 5,932,000 and National Pension recipients at 3,969,000, making up a large proportion. Occupational pension recipients followed with 495,000, then private pensions at 325,000, housing pensions at 710,000, farmland pensions at 110,000, and retirement pensions at 90,000.

The pension recipient rate among the population aged 65 and over was 90.1%, increasing annually from 87.0% in 2016. The rate of recipients receiving two or more pensions (overlapping receipt rate) was 34.4%, about one-third. The number of subscribers to the so-called 'three-tier pension' system, known as an advanced pension system, was excluded from this statistical announcement.

The average monthly pension amount was 600,000 won, with a median amount of 382,000 won. Men (781,000 won), those aged 65-69 (708,000 won), employed persons (677,000 won), and homeowners (762,000 won) received higher pension amounts.

The total number of pension subscribers was 23,727,000, with National Pension subscribers nearing 21.5 million. Retirement pension and private pension subscribers were 7,266,000 and 5,437,000, respectively. Occupational pension subscribers numbered 1,797,000. The average monthly premium per pension type was 329,000 won. The National Pension premium was 213,000 won, and the private pension premium was 200,000 won.