Pension for Those Aged 65 and Over 'Average Monthly 650,000 Won' Received

The average monthly pension amount for pension recipients aged 65 and over in 2022 was approximately 650,000 KRW.

On the 22nd, Statistics Korea announced the results of the "2022 Pension Statistics." The population aged 65 and over receiving at least one pension, including the Basic Pension, National Pension, and occupational pensions, was 8,182,000, with a pension receipt rate of 90.4%. This rate increased by 0.3 percentage points from the previous year (90.1%). As the number of pension recipients increased, the receipt rate has continued to rise steadily since 2016.

The average monthly pension received by pensioners was about 650,000 KRW, an increase of 8.3% (50,000 KRW) compared to the previous year. This amount is slightly higher than the maximum monthly livelihood benefit under the National Basic Livelihood Security (623,368 KRW) but falls significantly short of the minimum personal retirement living expenses (1,243,000 KRW) estimated by the National Pension Research Institute. The pension amount distribution showed that 40.4% received between 250,000 and 500,000 KRW, followed by 27.5% receiving between 500,000 and 1,000,000 KRW, and 19.9% receiving less than 250,000 KRW.

The average pension amount for recipients who owned a home was 825,000 KRW, while those without a home received 508,000 KRW. The pension receipt rates were 90.9% and 90.1%, respectively. The pension enrollment rate for those aged 18 to 59 was 80.2%, up from 78.8% the previous year, while the overlapping enrollment rate for two or more pensions slightly decreased to 32.2% from 32.3% the previous year.

The average monthly insurance premium was 318,000 KRW, a 3.2% decrease from 329,000 KRW the previous year. This was mainly influenced by the expansion of the statistical sample. Among registered employed individuals aged 18 to 59, the pension enrollment rate was 94.5%, with an average monthly premium of 364,000 KRW. For homeowners aged 18 to 59, the enrollment rate was 91.4%, with an average monthly premium of 413,000 KRW. For non-homeowners, the enrollment rate was 75.5%, with an average monthly premium of 270,000 KRW.