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Basic pension for seniors' target missed again in 2017

All News 10:24 January 10, 2018

SEOUL, Jan. 10 (Yonhap) -- The portion of senior citizens receiving basic pension again fell short of the government-targeted 70 percent last year, the welfare ministry said Wednesday.

As of September 2017, 4.84 million out of 7.27 million people aged 65 or older (66.6 percent) were receiving the basic pension, according to data provided by the Ministry of Health and Welfare. The portion has never reached the target since the pension system was launched in July 2014, and has ranged between 65.6 percent and 66.8 percent.

The number of pension recipients, however, has increased yearly as South Korean society has aged, from 4.35 million in 2014 to 4.49 million in 2015, 4.58 million in 2016 and 4.84 million in 2017.

Ministry officials say seniors with unconfirmed residential addresses, those receiving separate pensions from public services and others who do not want to disclose their personal assets likely have not applied for government assistance.

The government this year eased eligibility requirements for the basic pension, providing coverage to seniors with monthly incomes of less than 1.31 million won (US$1,224), up from the previous 1.19 million won.
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