National Data Office reports higher pension payments in 2024

The National Data Office said that pension recipients received an average of 737,000 won ($534) a month in 2024, up 6.0 percent from a year earlier as inflation, longer contribution periods and retirement preparation lifted payments.

People aged 65 or older drawing at least one pension totaled 9.122 million in 2024, up 5.6 percent from the previous year. They represented 91.2 percent of the population in that age group, up 0.3 percentage point. The count covers basic, disability, national, occupational, retirement, personal, housing and farmland pensions.

The monthly average combines all pension payments an individual receives in pension form across the pension systems. Men averaged 957,000 won ($693) a month, compared with 546,000 won for women. Recipients aged 65 to 69 averaged 858,000 won ($621), against 577,000 won for those 80 or older.

Registered workers averaged 827,000 won ($599) a month, compared with 694,000 won for people not registered as employed. Homeowners received an average of 914,000 won ($662), while non-homeowners received 581,000 won.

"Inflation affects all public pension schemes equally, and recipients' past pension contribution periods are getting longer," Song Juhwa, director of administrative statistics at the National Data Office, said.

Song called a shrinking population the biggest factor behind lower enrollment rates among people aged 18 to 29. "Economic activity among people in this age group has recently been delayed or reduced, which appears to have led them to enroll less in pensions," Song added.