SEOUL: South Korea's pension recipients aged 65 and older rose 5.6 per cent to 9,122,000 in 2024, driven by a rapidly aging population, the Ministry of Data and Statistics said Tuesday (Aug 25).
The average monthly pension payout rose 6.0 per cent from a year earlier to 737,000 won (about US$530) in 2024. Men received an average of 957,000 won, while women averaged 546,000 won. Those aged 65-69 received 858,000 won, compared with 577,000 won for people aged 80 and older.
Among the entire population aged 65 and above, 91.2 per cent received pensions in 2024, up 0.3 percentage points from the previous year.
The number of pension subscribers aged 18-59 fell 1.1 per cent over the year to 23,484,000 in 2024 amid the country's chronically low birth rate. - Xinhua
