Assemblyman Kim Hoe-jae, "Ulsan Ranks 1st in Average Monthly National Pension Benefits, 250,000 Won Difference from Jeonbuk"

Sejong, Seoul, Gyeonggi Rank High... Jeonbuk, Jeonnam, Chungnam, Daegu, Jeju Rank Low, Concerns Over Retirement Security Gaps

"Serious Retirement Security Gaps Among Metropolitan Governments... Income Disparities Affect Retirement Security"

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] It has been revealed that the difference in the average monthly National Pension benefits between metropolitan autonomous regions reaches up to 250,000 KRW. This points to a serious disparity in old-age security across regions.

According to data submitted by the National Pension Service to Kim Hoe-jae, a member of the Democratic Party of Korea (Yeosu-si Eul, Jeollanam-do), as of February 2022, the metropolitan autonomous region with the highest average monthly National Pension (old-age pension) benefit was Ulsan, receiving an average of 757,200 KRW per month.

Rep. Kim analyzed the average monthly benefit based on the old-age pension paid to those who have been enrolled in the National Pension for more than 10 years, starting from age 65.

The metropolitan autonomous region with the lowest average monthly benefit was Jeonbuk, receiving 503,200 KRW per month. This amount is approximately 254,000 KRW less than that of Ulsan, which has the highest benefit.

The top five metropolitan autonomous regions in terms of average monthly benefits were led by Ulsan, followed by ▲Sejong 610,800 KRW ▲Seoul 604,700 KRW ▲Gyeonggi 592,100 KRW ▲Gyeongnam 583,700 KRW.

The bottom five metropolitan autonomous regions were ▲Jeonbuk 503,200 KRW ▲Jeonnam 519,400 KRW ▲Chungnam 525,700 KRW ▲Daegu 529,700 KRW ▲Jeju 535,500 KRW.

Other metropolitan autonomous regions’ average monthly benefits were ▲Incheon 572,700 KRW ▲Daejeon 562,800 KRW ▲Busan 559,300 KRW ▲Gyeongbuk 556,700 KRW ▲Gwangju 543,800 KRW ▲Gangwon 541,300 KRW ▲Chungbuk 537,900 KRW.

Rep. Kim Hoe-jae stated, “Due to national land imbalance and concentration in the metropolitan area, regional disparities have intensified, and even in the National Pension, which is the primary social safety net for old-age preparation, disparities are occurring. The income gap caused by the lack of quality jobs and high value-added industries in regions is affecting the level of old-age security.”

He added, “We must promote the establishment of additional social safety nets to resolve the old-age security gap occurring in marginalized regions.”

Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik hss79@asiae.co.kr

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