SEOUL, Dec. 28 (Korea Bizwire) – South Korea’s state pension said Thursday the monthly cost of living for a citizen aged 50 and above to maintain a minimum lifestyle is estimated at 1.45 million won (US$1,350), which hovers far above the actual pension currently being paid out to recipients.
The National Pension Research Institute said its research also showed a married couple in that age category will need 2.3 million won every month. The study was conducted over the May-September period of 2016 on 4,572 households with members aged 50 and higher.
The calculation is based on the assumption that they are living a healthy life without any disease.
At present an average 880,000 won worth of pension is currently provided to people who have made payments for more than 20 years.
By age groups, a single person in his or her 50s needed 1.64 million won per month, while those in their 60s and 70s needed 1.42 million won and 1.27 million won, respectively. People in their 80s needed 1.19 million won.
The institute said only half of the households surveyed had people who asked for financial assistant in case of emergency.