A survey result released on the 3rd found that about half of basic pension recipients think an appropriate monthly amount is 400,000 won. The current payment is 349,700 won a month. The basic pension is a program in which the government pays a set amount every month to the bottom 70% by income among people age 65 and older.
The National Pension Research Institute said the same day that it found this result after asking 2,000 people age 65 and older who receive the basic pension from late July to mid-September last year, "What do you think is an appropriate maximum basic pension amount per person?"
Among respondents, 47.7% said 400,000 won a month is appropriate. Next, 20% answered 500,000 won a month. A total of 19.9% said they are satisfied with the current level. A total of 12.4% responded 450,000 won a month.
Meanwhile, the government is pushing to overhaul the system to exclude high-income earners from basic pension eligibility. Because the basic pension is paid to the bottom 70% by income within the elderly population rather than to all households, most older people fall under the eligibility criteria, which has drawn criticism that it worsens government fiscal expenditure. Earlier, President Lee Jae-myung also said, "To reduce elderly poverty, it seems we need to change the basic pension a bit."