The Struggles of Low-Income Seniors: The 'Give and Take' of Basic Pensions
Recent revelations highlight a critical issue affecting over 670,000 seniors in South Korea, who, while eligible for basic pensions, Recent revelations highlight a critical issue affecting over 670,000 seniors in South Korea, who, while eligible for basic pensions, find themselves unable to benefit from these funds due to reductions in their living allowances. This blog explores the complexities of the current pension system and the urgent need for reform. According to data obtained from the Ministry of Health and Welfare by Rep. Kim Seon-min (Justice Innovation Party), more than 670,000 elderly individuals are receiving basic pensions as part of the national basic livelihood protection program. However, an alarming 99.9% of these pension recipients—67,4639 seniors—have had their living allowances reduced as a direct consequence of receiving these pensions. The average monthly reduction in these living allowances is approximately 324,993 won, nearly equivalent to 97.1% of the maxi...