A Look at the Top 1% of Older Basic Pension Recipients... '340 Million Won in Assets'

Ministry of Health and Welfare data... Statistics on recipients as of the end of 2025
Different from extreme scenarios such as the "1.7-billion-won apartment" claim
More lenient than other welfare programs... Plans to vary benefit amounts by income level

Among older adults receiving the basic pension, the top 1% by recognized income had average general assets of 340 million won and average monthly earned income of about 2.2 million won.

According to data submitted by the Ministry of Health and Welfare to the office of Nam In-soon, a Democratic Party of Korea lawmaker on the National Assembly’s Health and Welfare Committee, on Oct. 31, the average value of general assets before deductions among the top 1% of basic pension recipients by recognized income was 340 million won as of the end of 2025. The average was the same when calculated only for those who actually held general assets, which include homes, buildings, land, and lease deposits. Their average monthly earned income before deductions was 2.198 million won. Among recipients who actually had earned income, the average was 2.578 million won per month.

Among elderly people receiving the basic pension, those in the top 1% by recognized income had average general assets of 340 million won and average monthly earned income of about 2.2 million won, Yonhap News reported.

The statistics were released amid criticism that the basic pension’s income and asset deduction standards are more lenient than those of other welfare programs. The 2026 eligibility threshold for the basic pension is 2.47 million won per month for a single-person household. This is equivalent to 96.3% of the median income for a one-person household, which is 2.56 million won.

For the basic pension, 1.16 million won is first deducted from earned income, and an additional 30% of the remaining amount is excluded. The basic deduction for assets is also 135 million won in large cities, while the monthly income conversion rate for assets is about 0.33%. Critics say that, because these standards differ from the earned-income deductions and asset conversion standards under the Basic Livelihood Security Program, older adults with relatively high incomes and assets may also qualify for benefits.

A hypothetical case has been presented in which an elderly couple with no other income could receive about 550,000 won per month in basic pension benefits even while owning an apartment with an actual transaction price of 1.7 billion won and an officially assessed value of about 1.2 billion won. However, Nam’s office said, “Claims that wealthy older adults receive the basic pension are somewhat exaggerated.” It said the average asset value of actual recipients in the top 1% identified in this analysis differs significantly from extreme hypothetical cases such as the “1.7-billion-won apartment” scenario.

As discussion continues over adjusting benefit criteria in light of actual recipients’ asset and income distribution and the program’s purpose, the government is reportedly preparing a reform plan that would maintain the basic pension’s income eligibility threshold at the bottom 70% while varying benefit amounts according to income level.

This content was produced with the assistance of AI translation services.