Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
Low-income older couples want $1,550 to sustain 'ordinary' life
Older Koreans visit a job fair for those aged 65 or older in Yeouido, Seoul, Oct. 26, 2023. Yonhap
By Yi Whan-woo
Couples who fall in the bottom 70 percent income bracket among all older adults in Korea deem they need at least 2.14 million won ($1,550) per month to sustain a “normal and ordinary” lifestyle, according to data, Tuesday.
The data released by the National Pension Research Institute came after a survey of 2,000 Koreans aged 65 or older who are entitled to receive a basic monthly pension of approximately 320,000 won.
Such pension recipients are those who fall in the bottom 70 percent income bracket in their age group.
The survey took place nationwide from June to August last year.
Asked about the ideal amount to make a living without financial trouble, the survey takers responded with 1.32 million won on average per month for single people, and 2.14 million on average for couples.
Meanwhile, the survey showed 64.8 percent of the basic pension recipients were unemployed.
Only 35.2 percent of them had jobs, with 16.5 percent in cleaning, another 16.1 percent in public services and 14 percent in agricultural and fisheries.
Of the 2,000 survey respondents, 64 percent said they are “not ready for post-retirement life.” Other 34 percent said they “have been prepared for post-retirement life but such preparation was not sufficient.”