pensions Archives | Be Korea-savvy

Korean Seniors’ Pensions Fall Far Short of Living Costs, Data Shows

A total of 8.64 million people aged 65 and older, accounting for 90.9 percent of the age group, received pension payments from at least one type of pension program, including the state pension, as of 2023, according to data compiled by Statistics Korea. The average monthly pension amount marked a 6.9 percent increase from [...]

Monthly Living Costs for Retirees 1.77M Won Per Household

SEOUL, Dec. 13 (Korea Bizwire) — The minimum living expenses for retired elderly people was tallied at 1.77 million won (US$1,600) per month for each household, a survey showed Wednesday. The optimum monthly cost of living for retirees, however, is 2.51 million won per household, according to KB Financial Group’s recent survey of 2,000 people [...]