The number of basic pension recipients who are older than 65 and belong to the bottom 70 percent of income earners totaled 4.72 million as of March this year, government data showed Saturday.

The figure represents 66.6 percent of the entire population aged 65 and over, falling short of the government’s payout rate of 70 percent.

Of the recipients, 1.62 million people receive both basic and national pension, while the total amount of basic pension payout reached 870.6 billion won (US$778 million) a month as of the end of March, according to the data.

Under the basic pension system introduced in July 2014, the government pays 200,000 won a month to every elderly person in the bottom 70 percent income bracket. The inflation-adjusted amount of basic pension was set at 206,050 won for a single elderly household this year, with an elderly couple paid 329,680 won.

The number of basic pension recipients has steadily grown, increasing from 4.35 million in 2014 to 4.5 million in 2015 and 4.58 million in 2016, the data said.

But the ratio of basic pension recipients among those 65 and over has stayed below 70 percent, standing at 66.8 percent in 2014, 66.4 percent in 2015 and 65.6 percent in 2016.

Officials at the Ministry of Health and Welfare said the ratio of recipients has been shy of the 70 percent target because many elderly people are reluctant to disclose their income and wealth levels.

The government of President Moon Jae-in has said it will raise the monthly volume of basic pension to 250,000 won in 2018 and 300,000 won in 2021 in a bid to help buttress elderly people‘s income. (Yonhap)