South Korea: Couples receiving pensions face poverty in old age

The increasing number of couples jointly receiving South Korea's National Pension's old-age benefits presents a complex picture of aging demographics and financial realities. While the headline figure of over 930,000 couples receiving pensions by May 2026 might seem like a positive indicator of widespread support, the reality on the ground paints a starkly different scenario.

As reported by Hankyoreh, the average combined monthly pension for these couples stands at approximately 1.2 million won. This figure, while a rise from previous years, falls significantly short—less than half—of the estimated minimum living expenses for seniors, which the National Pension Research Institute places at 2.16 million won for a couple. This substantial gap underscores a critical challenge: the pension system, while expanding its reach, is failing to provide adequate financial security for a large segment of the elderly population.

The data reveals that nearly 89% of couples receive a combined monthly pension of less than 2 million won. This means a vast majority are living below the minimum threshold deemed necessary for a basic standard of living in their later years. The situation is exacerbated by the fact that many couples rely solely on these pensions, with limited other sources of income.

From a South Korean perspective, this situation is deeply concerning. While policies encouraging longer contribution periods and voluntary enrollment have increased the number of recipients, they haven't sufficiently addressed the adequacy of the benefits. The focus must shift from merely increasing the number of beneficiaries to ensuring that the pension provides a truly dignified retirement. The disparity between the pension amount and the actual cost of living raises questions about the sustainability of retirement for a growing number of our citizens, a topic of intense discussion and concern within our society.