South Korea’s senior pension coverage rate reached 91.2% in 2024, yet half of all recipients receive less than 500,000 won per month, according to the 2024 Pension Statistics released by the National Data Agency on August 25, 2026. The data highlights ongoing income disparities and structural gaps as the country’s population ages rapidly.
Overall Pension Coverage and Recipient Statistics
Out of 10 million South Koreans aged 65 and older, 9,122,000 individuals received at least one type of public or private pension last year, according to the data agency. This marks a 5.6% increase, or 486,000 more recipients, compared to the previous year. The overall coverage rate edged up 0.3 percentage points to 91.2%.
Despite the high coverage rate, 878,000 seniors—representing 8.8% of the population aged 65 and older—received no pension at all, missing out on both the Basic Pension and the National Pension. The statistics compile data across 11 different public and private pension programs, including occupational pensions, retirement pensions, individual pensions, and housing pensions.
Monthly Benefit Disparities and Median Amounts
While the average monthly pension payment reached 737,000 won in 2024, marking a 6.0% increase of 42,000 won from the prior year, the median payment sat significantly lower at 497,000 won. According to the data agency, this gap indicates that half of all pension recipients live on 497,000 won or less each month.
A breakdown of monthly benefit ranges shows that 46.7% of recipients received between 250,000 and 500,000 won. Another 33.8% received between 500,000 won and 1 million won, while 9.5% collected between 1 million and 2 million won. Only 6.3% received over 2 million won, and 3.6% brought in less than 250,000 won.
Song Joo-hwa, head of the Administrative Statistics Division at the Data Agency, noted that resolving these financial disparities will take time. “Pensions are the result of 30 to 40 years of preparation during one’s younger years, so it will be difficult to resolve these issues in the near future,” Song stated.
Breakdown by Pension Types and Overlaps
Many seniors rely on multiple programs to cobble together retirement income. Among all recipients, 43.0% collected multiple payouts, with 36.5% receiving both the Basic Pension and the National Pension.
By individual program:
- Basic Pension: Reached 6,756,000 people, covering 67.6% of seniors, with an average monthly payout of 300,000 won.
- National Pension: Reached 5,211,000 people, covering 52.1% of seniors, with an average monthly payout of 491,000 won.
For National Pension beneficiaries, enrollment duration heavily dictated payout size. Data shows that 2,645,000 recipients—accounting for 50.8% of the total—had contributed for periods ranging from 10 to 20 years, with the overall average enrollment period standing at 14.2 years.
Gender Gaps in Retirement Income
The 2024 statistics underscore a stark gender divide in retirement security. Male pension recipients numbered 4,231,000, representing a coverage rate of 95.5%, whereas female recipients totaled 4,891,000, yielding a coverage rate of 87.8%.
The financial gap between genders is substantial. The average monthly benefit for men reached 957,000 won, compared to 546,000 won for women. This creates a difference of 411,000 won, leaving women with average benefits amounting to just 57% of men’s.
Song explained that these disparities stem from labor market participation rates between the ages of 18 and 59. Men generally participated more consistently in economic activities, allowing them to accumulate longer insurance enrollment periods and higher premiums over decades, leading to a higher National Pension coverage rate. Conversely, women tend to rely more heavily on the Basic Pension.
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