Lee Jae-myung "Basic Pension Raised from 300,000 Won to 400,000 Won"

"Expansion of Interest Support Program for University Student Loans"

[Image source=Yonhap News]

[Asia Economy Reporter Ki-min Lee] Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, promised on the 28th to raise the current basic pension of 300,000 KRW per person per month to 400,000 KRW per month.

On the same day, Lee posted on social media (SNS) stating, "Expanding income security for the elderly. Increasing the basic pension to 400,000 KRW per month."

The Democratic Party's election committee explained Lee's post by saying, "Currently, 70% of seniors aged 65 and over receive a basic pension of 300,000 KRW per month, but this amount is insufficient to solve old-age poverty, so an additional increase is necessary."

They added, "The elderly poverty rate in our country is 40.4%, the highest among OECD countries. As Korea is approaching a super-aged society by 2025, extraordinary measures are needed to address the issue of elderly poverty."

Lee had previously announced a pledge to abolish the basic pension couple reduction rule, which applies to those receiving the pension in the lower 70% income bracket, and to gradually adjust the 'working elderly pension system' that reduces old-age pensions proportionally to income. Currently, if both spouses are eligible for the basic pension, the amount is reduced by 20%.

Meanwhile, Lee also promised to expand the 'university student loan interest support project' implemented in Seongnam City and Gyeonggi Province on the same day.

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