Half of seniors prefer 400,000 won basic pension monthly; current payout is 350,000 won

Almost half of elderly individuals receiving South Korea's basic pension believe a monthly payment of 400,000 won is appropriate, according to a recent survey. This figure represents a notable increase from the current disbursement of approximately 349,700 won for single-person households.

The findings come from a study by the National Pension Research Institute, which surveyed 2,000 individuals aged 65 and older who receive the basic pension. The survey, conducted between late July and mid-September last year, revealed that 47.7% of respondents favored a monthly pension of 400,000 won. Another 20% suggested 500,000 won, while only 19.9% found the current pension level adequate.

The South Korean government provides a basic pension to individuals aged 65 and above who fall within the bottom 70% of income earners, aiming to ensure their financial stability. This year's pension amounts are 349,700 won for single households and 559,520 won for couples.

Despite the desire for increased payments, recipients reported high satisfaction with the current pension's impact. An average satisfaction score of 3.83 out of 5 was recorded, with 63.2% expressing satisfaction and 12.7% indicating high satisfaction. The survey highlighted that 73.4% felt the basic pension eased their financial burdens, and 66% reported a reduced need to rely on financial support from their children or relatives. The research institute noted that the pension holds significant psychological value as a source of income, alleviating feelings of economic pressure and guilt towards family.