South Korea: Tragic elderly poverty problem: Pension benefits are 1/2 of Japan
-Parents ask their children for financial assistance-
November 15, 2021
Korea Economic Research Institute :
We surveyed the actual situation of pension benefits for the elderly aged 65 and over in both Japan and South Korea.
Survey of pension benefits:
For individual Korean households, the average monthly pension in South Korea is 828,000 won (80,000 yen).
It was “half of Japan’s 1,644,000 won.”
In the case of a Korean couple’s household, the average monthly total amount received in South Korea is 1,384,000 won.
It is “half of Japan’s 2,726,000 won.”
Appropriate living expenses for the elderly in South Korea:
Individual households pay 1,725,000 won a month,
A couple’s household costs 2,555,000 won a month,
Pension income is less than half of the proper living expenses.
South Korea has been pointed out that “poverty among the elderly will become even more serious.”
Appropriate living expenses for the elderly in Japan:
On the other hand, the appropriate living expenses for the elderly in Japan are
Private household costs 2,435,000 won,
Married couple household is 3,256,000 won,
Japan is fully covered by pension income.
Pointed out by Hankeiken:
The rate of Japanese welfare pension is 18.3% of income,
This is because it is twice as high as the Korean rate (9.0%).
Japan is,
It is a public pension system that “pays more and receives more than Korea.”
“Japan can secure a stable income in old age,” he said.
Korean pension rate:
Moreover, South Korea has a much lower pension rate than Japan.
Among the elderly people aged 65 and over in South Korea
The public pension benefit rate is 83.9%,
The private pension rate is 21.8%.
It was found to be more than 10 points lower than Japan (95.1%, 34.8%).
South Korea’s retirement fund depletion:
It is said that South Korea is more than four times more likely to ask for help from children than Japan.
Korean Elderly:
17.4% answered that they would receive financial support from others such as children.
Elderly people in Japan:
3.6% answered that they would receive financial support from others such as children.
Voice of Korea Net:
Japan is “a country that realized a good life in the 1960s.”
So the older people are benefiting from it.
on the other hand,
South Korea says, “The introduction of the national pension is 40 to 50 years later than Japan.”
You can’t tell by simply comparing the amounts.
Some say, “We should compare the payment period and the amount received.”
-Korean media