The South Korea Basic Pension (기초연금, Gicho Yeon-geum) is a means-tested social pension program that provides monthly cash payments to Korean citizens and long-term residents aged 65 and above who fall within the bottom 70 percent of the income distribution, addressing one of the highest elderly poverty rates among OECD nations and providing essential income support to approximately 6 million senior citizens as a complement to the contributory National Pension system.
