South Korea Records Rise in 2023 Elderly Pension
(MENAFN) South Korea recorded a moderate rise in its senior pension payouts in 2023, extending a years-long upward trend, according to data released Monday by Statistics Korea.
Elderly citizens aged 65 and above received an average monthly pension of 695,000 won (approximately 501 U.S. dollars) last year—an increase of 6.9% from 2022.
Pension benefits for seniors have been rising steadily in recent years. The average monthly amount climbed from 423,000 won (305 dollars) in 2016 to 528,000 won (381 dollars) by 2019, and reached 650,000 won (469 dollars) in 2022.
In total, 8.64 million individuals aged 65 or older received payouts from at least one pension program in 2023, reflecting a 5.6% year-on-year growth.
This group represented 90.9% of the country’s elderly population, a 0.5 percentage point rise from the previous year, Statistics Korea added.
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