Half of South Korean Seniors Say Basic Pension Should Be At Least 400,000 Won Monthly

A significant portion of South Korea's elderly population believes the monthly basic pension should be increased to at least 400,000 won. A recent survey by the National Pension Research Institute revealed that 47.7% of respondents consider this amount appropriate, while 20% suggested 500,000 won. Only 19.9% felt the current amount of 342,510 won for a single-person household was sufficient.

The basic pension, provided by the government to the bottom 70% of seniors aged 65 and above, aims to ensure their financial stability. The current monthly payment for a single-person household stands at 349,700 won. The research institute conducted the survey from late July to mid-September last year, polling 2,000 basic pension recipients to gauge their perceptions.

Despite calls for an increase, satisfaction with the existing basic pension program remains high. On a five-point scale measuring its contribution to overall life, the program received an average score of 4.31 points from recipients, indicating a generally positive reception.