Last Year, Maximum National Pension Amounted to 2.27 Million Won... Oldest Beneficiary Aged 107

[Asia Economy Reporter Seo So-jeong] As of December last year, the highest amount of the National Pension was 2.27 million KRW per month, and the oldest beneficiary was 107 years old.

The National Pension Service (Chairman Kim Yong-jin) announced this on the 16th by releasing the '2020 National Pension Payment Statistics'.

The highest old-age pension amount was 2.269 million KRW per month, and the beneficiary who received the largest cumulative amount was paid a total of 201.87 million KRW. The highest disability pension was 1.703 million KRW, the survivor’s pension was 1.154 million KRW, and the highest combined pension amount for couples was confirmed to be 3.819 million KRW.

The oldest beneficiary was 107 years old and is receiving a survivor’s pension due to the death of a child who was a National Pension subscriber. The oldest old-age pension beneficiary was 92 years old, and the oldest disability pension beneficiary was 90 years old. The number of beneficiaries aged 100 or older exceeded 100 for the first time, totaling 101, of which 81 were women.

The Service paid National Pensions totaling 25.65 trillion KRW to 5.59 million people last year. The total number of beneficiaries increased by 425,000 from the previous year to 5.59 million, with 5.39 million receiving pensions and 200,000 receiving lump-sum payments.

The number of old-age pension beneficiaries who have been subscribed for more than 20 years increased by 25.2% from the previous year to 838,000 as of the end of the year, with an average pension amount of 930,000 KRW per month. In 2015, there were only 322,498 beneficiaries, but as the system matured, the number increased about 2.6 times over five years to 838,099, accounting for 18.8% of all beneficiaries.

The number of subscribers with more than 30 years of subscription was 55,000, and their average pension amount was confirmed to be 1.368 million KRW per month.

The total number of old-age pension beneficiaries with more than 10 years of subscription was 3.297 million, with an average pension amount of 541,000 KRW per month.

Analysis of last year’s National Pension payment statistics showed a steady increase in old-age pension beneficiaries receiving more than 1 million KRW per month. As of the end of last year, the number of beneficiaries receiving more than 1 million KRW per month was 340,369, a 27.7% increase from the previous year. Compared to five years ago, this number has more than tripled.

In particular, the number of beneficiaries receiving more than 2 million KRW per month is rapidly increasing. It rose from 10 in 2018 to 437 in 2020, a 44-fold increase in two years.

The number of couples both receiving old-age pensions was 427,467 pairs (855,000 people), a 20.3% increase from 355,382 pairs in 2019.

The highest combined amount for couple beneficiaries was 3.819 million KRW per month, and the average pension amount was 807,000 KRW per month. The number of couples receiving a combined monthly pension of over 3 million KRW increased sharply from 6 pairs in 2018, when it first occurred, to 70 pairs in two years.

This content was produced with the assistance of AI translation services.