South Korea’s Statistics Office, in support of addressing elderly poverty and sustainable welfare reform, has unveiled comprehensive pension statistics covering the years 2016 to 2021. The development and publication of these statistics aim to provide insights into the pension landscape, focusing on the elderly’s current pension reception and the younger generation’s pension enrollment status.
Key Findings:
- Elderly Pension Recipients: Among the 8.62 million Koreans aged 65 and above in 2021, 7.77 million individuals (90.1% coverage) received pensions, with an average monthly amount of 600,000 won (a 6.7% increase from the previous year). Additionally, 850,000 individuals did not receive any pension (9.9%).
- Younger Generation’s Pension Enrollment: Out of the 30.13 million Koreans aged 18 to 59 in 2021, 23.73 million (78.8%) were enrolled in pension programs, with an average monthly premium of 329,000 won (a 1.9% increase). However, 6.4 million individuals (21.2%) in this age group were not enrolled in any pension scheme.
- Household Perspective: Among the 6.15 million households containing individuals aged 65 and above, 5.87 million households (95.4%) received an average monthly pension of 771,000 won. For households with members aged 18 to 59 (1.66 million households), 1.52 million households (91.3%) were enrolled in pension programs, paying an average monthly premium of 511,000 won.
Significance of the Pension Statistics:
- The comprehensive pension statistics offer detailed insights into the income levels and enrollment patterns of both the elderly and the younger population concerning various pension schemes.
- The development of these statistics involved collaboration with multiple government departments, data-providing agencies, and experts to create a holistic view of the pension landscape.
Policy Implications:
- The data generated from the pension statistics will contribute to evidence-based policymaking, aiding in the formulation of targeted policies to address elderly poverty and enhance the sustainability of the welfare system.
- The Statistics Office plans to strengthen its role as a ‘Statistical Data Hub’ in the digital platform government, leveraging diverse and detailed data to address societal issues and foster innovation.