Send to

1,000 retired couples receive W3m in combined pension

Dec. 9, 2023 - 16:01 By Yoon Min-sik

The National Pension Service said Friday that 1,035 retired couples across South Korea are receiving 3 million won ($2,300) or more through their combined pension plans, marking the first time the number of such couples has exceeded 1,000.

The figure is significant as it means those in retirement are making close to what a couple would make on average while working. According to a Statistics Korea December 2022 report, the average nationwide income per person was 22.2 million won, roughly 1.85 million won per month.

There has been a steady increase in the number of couples making at least 3 million won in pension income. In 2017, there were three couples who made that amount, and the figure has increased every year since then.

The top beneficiary for the NPS program received 2.66 million won per month, while the couple that received the most amount got 4.69 million won.

With more women holding jobs compared to before, the number of couple pensioners is also on the rise. There are 653,805 couple pensioners as of June, marking a steady increase from 298,733 in 2018.

Despite this, statistics indicate that there is still considerable gap between men and women in the working population.

According to a Organization for Economic Cooperation and Development report, the gender disparity in labor force participation rate stands at 18.1 percent in Korea as of 2021, 7.2 percent higher than the OECD average, and seventh-highest among all member states.