Basic Old-Age Pension

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South Korea introduced its Basic Old-Age Pension in 2008 as part of its pension system. According to the Ministry of Health, Welfare and Family Affairs, the Basic Old-Age Pension is "designed to enhance welfare of the elderly by providing a monthly pension payment to the elderly in need." The pension was intended to benefit workers contributing to the National Pension Scheme. By 2012, the pension was only covering 16% of the minimum cost of living, and benefited 67% of Korea's population over the age of 65. It was extended in 2014 to provide monthly allowances of approximately $179 (200,000 South Korean won - KRW) to people over the age of 65 in the bottom 70th percentile of income earned. In 2014, approximately 4.9 million people benefited from this program. South Korea's old-age pension scheme provides lifetime cover for individuals aged 60 or older, provided they have fulfilled the minimum requirement of 20 years of contributions to the national pension scheme beforehand. Those who have made a minimum of 10 years of contributions and who have reached the age of 60 are eligible for cover under a "reduced old-age pension" scheme. Additionally, there is an "active old-age pension" scheme, covering individuals aged 60 to 65 who are engaged in income-earning activities. Those aged between 55 and 60 who are not engaged in income-earning activities are eligible for the "early old-age pension" scheme. Around 60% of Koreans aged 65 and over are entitled to a benefit amounting to 5% of their past average income, receiving an average of KRW 90,000. Basic old-age pension schemes cover individuals aged 65 and older who were earning below an amount set by presidential order. In 2010, that ceiling was KRW 700,00 for a single person and KRW 1,120,000 for a couple, equivalent to around $600.00 and...