'Low Birthrate Impact' 국민연금 Subscribers Fall Below 22 Million for the First Time in 6 Years

Due to the low birth rate issue in South Korea, the number of National Pension subscribers has steadily decreased, dropping to the 21 million range for the first time in six years.

According to the latest statistics released by the National Pension Service on the 3rd, the total number of National Pension subscribers as of the end of December last year was 21,984,003. Compared to December 2023, when there were 22,384,787 subscribers, this represents a decrease of over 400,000.

The number of National Pension subscribers started at 4.43 million in its first year of introduction in 1998 and showed an increasing trend. At the end of 2018, the number of subscribers surpassed 22 million for the first time.

During the COVID-19 pandemic period in 2019 and 2020, the number of subscribers decreased by about 100,000 and 110,000 respectively, marking two consecutive years of decline, but the total remained in the 22 million range.

National Pension Service Seoul Northern Regional Headquarters Counseling Center. Provided by Yonhap News Agency

However, as the decrease in subscribers due to the low birth rate became more pronounced, the number of subscribers at the end of 2023 fell by about 113,000 compared to the previous year, and by the end of 2024, it decreased by another 400,000, breaking the 22 million mark for the first time in six years.

The number of workplace subscribers also declined for the first time last year. As of December 2024, the number of workplace subscribers, who are employed workers, was 14,675,745, a decrease of more than 136,000 compared to December 2023, when there were 14,812,062.

The number of individual subscribers, or regional subscribers, also decreased for the second consecutive year, falling to 6,513,108 in December 2024 from 6,714,114 in December 2023, a decrease of over 200,000.

While the number of people paying pension premiums is decreasing, the number of recipients is rapidly increasing. As of December last year, the number of National Pension beneficiaries, including lump-sum recipients, was 7,372,039, an increase of about 550,000 compared to 6,822,178 a year earlier.