Top 1% of Basic Pension recipients have average assets of 340 million won...earn 2.2 million won a month

[Financial News] The average general assets of Basic Pension recipients in the top 1% by recognized income were found to be 340 million won. Their average monthly earned income was 2.198 million won. Amid controversy over hypothetical cases suggesting that people could receive the pension despite owning an expensive apartment or having high earned income, data has emerged showing the actual distribution of recipients’ assets and income.
According to data obtained from the Ministry of Health and Welfare by Nam In-soon, a Democratic Party of Korea lawmaker on the National Assembly of the Republic of Korea’s Health and Welfare Committee, on the 31st, the average general assets before deductions among Basic Pension recipients in the top 1% by recognized income stood at 340 million won as of the end of 2025. General assets include houses and other buildings, land, and housing rental deposits.
The average was also 340 million won when calculated only for recipients who owned general assets. The same top 1% had average monthly earned income of 2.198 million won before deductions. The average among recipients with earned income was 2.578 million won.
The Basic Pension first deducts 1.16 million won a month from earned income, then deducts an additional 30% of the remaining amount; it also applies basic deductions to assets according to region. The conversion rate used to count assets as income also differs from that of other welfare programs, and debate over the eligibility criteria has continued.
Based on this formula, calculations have been presented suggesting that an elderly couple with no other income could receive the Basic Pension even if they owned an apartment with an actual transaction price of around 1.7 billion won or had monthly earned income of 4.68 million won. These were hypothetical cases calculated using assumptions about deduction conditions and other factors, however, and differ in nature from the average assets and income of actual recipients in the top 1% shown in the new data.
This year’s Basic Pension eligibility thresholds are 2.47 million won a month for a single-person household and 3.952 million won for a couple’s household. Older adults whose recognized income is at or below the threshold may qualify for the Basic Pension; those who meet the criteria can receive up to 349,700 won a month under the single-person household rate.
The government is pursuing measures to revise how the Basic Pension is paid so that more support reaches low-income older adults. How to adjust the eligibility criteria and benefit amounts remains a challenge that requires consideration of both income security in old age and fairness in the program. 

[email protected] Yoon Hong-jip Reporter