Statistics show that as the national pension system takes root, the number of people receiving monthly pension amounts of more than 1 million won is increasing.
According to the National Pension Service’s ‘National Pension Publication Statistics’ on the 26th, as of the end of December 2023, there were 687,183 national pension recipients receiving more than 1 million won per month. There were 655,826 men and 31,357 women. The number of people receiving a pension of more than 1 million won per month is close to 700,000.
By type of benefit, most people were receiving old-age pension (a general form of national pension received after reaching pension age) at 680,646, followed by 4,560 people receiving survivors’ pension and 1,977 people receiving disability pension.
Among them, in the case of old-age pension, the number of recipients of more than 1 million won per month first appeared in 2007, and has increased to 129,502 in 2016, 201,592 in 2018, 340,369 in 2020, 430,531 in 2021, and 567,149 in 2022. It showed an increasing trend. There were 334,792 people earning between 1 million and 1.3 million won, 195,303 people earning between 1.3 million and 1.6 million won, and 139,278 people earning between 1.6 million and 2 million won. More than 70% of recipients of an old-age pension worth more than 1 million won have been enrolled in the national pension for more than 20 years.
The number of people receiving more than 2 million won reached 17,810. The number of recipients of 2 million won was first created in January 2018, 30 years after the implementation of the national pension system in 1988, and the number increased to 10 in 2018, 98 in 2019, 437 in 2020, and 1,355 in 2021. The number jumped to 5,410, and again increased by about 3.3 times in one year. The highest recipient of the national pension was receiving 2,664,660 won per month.
National pension subscribers must pay premiums for at least 10 years (120 months) to receive old-age pension when they reach the pensionable age. The longer the subscription period, the higher the premium paid, and the higher the income replacement rate, the larger the pension amount.
As of 2022, the average subscription period by monthly benefit amount is ▲ 121 months for 100,000 to less than 200,000 won ▲ 127 months for 200,000 to less than 300,000 won ▲ 157 months for 300,000 to less than 400,000 won ▲ 195 months for 400,000 to less than 500,000 won ▲ 500,000 to 500,000 won Less than 600,000 won 230 months ▲ 600,000 to less than 700,000 won 254 months ▲ 700,000 to less than 800,000 won 269 months ▲ 800,000 to less than 900,000 won 285 months ▲ 900,000 to less than 1 million won 300 months ▲ 1 million to 1.5 million won 341 months ▲ The correlation between the amount of benefits and the subscription period can be seen at 385 months under 1.5 million to 2 million won.
However, the average subscription period for new beneficiaries receiving more than 2 million won per month is slightly shorter than that for new beneficiaries receiving less than 1.5 million to less than 2 million won per month, such as 373 months for those receiving between 2 and 2.5 million won, and 356 months for those receiving between 2.5 and 3 million won. It was found that because the amount was larger, the monthly benefit amount also increased.
Kim So-yeon, Hankyung.com reporter [email protected]
