|▲ Changes on the number of national pension recipients by year(Source: National Pension Service)|
As of the end of last year, 4,690,000 people were eligible for national pension. However, the number of pensioners aged 65 years old or older was 2,880.000, reaching only 39.2%of the aged population. This means that six out of ten senior citizens aged 65 years old or older do not benefit from the old age pension payment.
According to the data on 'the payment of national pension benefits in 2017' released by the National Pension Service on March 28, 19.8 trillion won(US$18.6 billion) had been paid to 4,690,000 pensioners during last year, that is, 1.6 trillion won(US$1.5 billion) a month. The largest proportion of the pension payment was made for old age pension with 83.5%, followed by survivor pension with 9.8%, lump-sum refund with 4.9% and disability pension with 1.8%. The number of pension beneficiaries on year increased by 34,000 and the payment went up by 2.1 trillion won(US$1.97 billion).
Among pension recipients last year, the pension beneficiaries aged 65 years old or older were 2,882,000 people, 1.6 times higher than the number of pension beneficiaries in 2012(1,830,000 people). However, of the total population of senior citizens, the rate of old age pension beneficiaries was only 39.2%.
Female pension recipients reached 1,860,000, up by 9.7% on year. Couples who are both eligible for the old age pension were 297,473, up by 18.6% on year. The number of female old age pension recipients increased to 1,210,000, up by 11.3%(120,000 people) on year. The increase of female pension recipients is understood to reflect the upward trend of female participation in social activities.
The monthly average pension payment for those who made contributions to the national pension for more than 10 years was only 491,612 won(US$460), received after the age of 60. The pensioners who receive more than 1 million won(US$937) per month were 172,000 people, and those paid more than 1.5 million won(US$1,405) were 4,045 people.
reported by Kim Mi-young
translated by Kim Sung-jin
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