SEOUL, April 26 (Korea Bizwire) – Payouts by private pension savings accounts to investors significantly fell short of needs for post-retirement life, official data showed Wednesday.
The average monthly payout by private pension savings stood at 260,000 won (US$231) last year, down 20,000 won from a year earlier, according to the data from the Financial Supervisory Service.
Including an average monthly payout by the National Pension Service, an investor received a total of 600,000 won in pension last year.
The payout is compared with a basic monthly old-age living cost of 1.04 million won, according to a survey by the National Pension Research Institute.
Fast-aging South Korea has one of the highest poverty rates for elderly people.
A 2015 report by the Organization for Economic Cooperation and Development showed that 49.6 percent of people aged 65 or older in South Korea lived below the poverty line as of 2012.