South Korean pensioners received average of 737,000 won per month in 2024

By Kang Yoon-seung

SEOUL, Aug. 25 (Yonhap) -- South Korean pensioners received an average of 737,000 won (US$534) per month in 2024, data showed Tuesday, with more than 90 percent of people aged 65 and older receiving at least one type of pension.

The amount marks an increase of 42,000 won, or 6 percent, from a year earlier, with the proportion of pensioners in the age group rising from 90.9 percent to 91.2 percent, according to the Ministry of Data and Statistics. The median amount came to 497,000 won.

The report showed that while 6.3 percent of the 9.12 million pensioners received 2 million won or more per month, 33.8 percent received between 500,000 won and 1 million won.

Those receiving between 250,000 won and 500,000 won accounted for 46.7 percent of the total.

Households with at least one pensioner received an average of 959,000 won per month in 2024, up 61,000 won from a year earlier.

Pension recipients who owned homes received 914,000 won on average, far more than the 581,000 won received by those without homes.

"Homeowners tend to have had relatively stable economic activity during their working years, from ages 18 to 59, allowing them to remain enrolled in pension programs longer and make greater contributions," a senior statistics official said.

"In contrast, those without homes tend to receive the basic pension (which generally provides lower benefits)," the official added.

The report also showed that male recipients received 957,000 won on average, compared with 546,000 won for female recipients, reflecting cumulative differences in pension enrollment periods and contribution amounts, the ministry said.

The ministry said the number of people aged 18 to 59 enrolled in pension programs came to 23.48 million in 2024, down 1.1 percent from a year earlier. They accounted for 81.1 percent of the age group.

The age group on average paid 363,000 won monthly as of 2024, up 19,000 won from a year earlier.