2022 South Korean pension data reveals that elderly citizens' average monthly pension is 650,000 won, below minimum living expenses, while 40.4% of elderly people experience poverty.

2022 South Korean pension data shows elderly citizens aged 65 and above received an average monthly pension of 650,000 won (~$486), which fell below the estimated minimum living expense of 1,243,000 won. The number of elderly people receiving any pension rose to 8,182,000, accounting for 90.4% of the age group. Despite the expansion of pension programs, the poverty rate among the elderly was 40.4% in 2020, the highest among OECD countries.

August 22, 2024
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