The National Pension Service announced on March 2 that the number of national pension recipients in South Korea is likely to surpass 8 million this year for the first time since the program's introduction in 1988. This projection comes amid the country's rapid aging population and low birth rate. The figure reached 7.83 million in November.
The National Pension Service (NPS) announced on March 2 that the number of recipients of South Korea's national pension program is likely to surpass 8 million this year. This marks the first time since the fund's introduction in 1988. An NPS official stated, "It is not certain whether it will be in the first half of the year or in the summer but (we) expect the number of recipients to surpass 8 million this year."
The number of recipients stood at 7.83 million in November. The NPS anticipates faster growth than expected due to the country's rapid population aging and low birth rate. A 2022 report from the National Pension Research Institute had forecasted 7.99 million recipients this year.
South Korea was classified as a "super-aged" society in 2024, when more than 20 percent of its 51 million population became 65 or older. This demographic shift underscores ongoing discussions about the sustainability of the national pension system. The NPS plans to continue monitoring the increase in recipients amid these trends.
