basic pension eligibility
Basic Old Age Pension eligibility & nbsp; – Ministry of Health and Welfare –
The elderly population is also increasing in our country.As a welfare system to help the elderly live in their old age, 70% of elderly households in Korea are paid.
Let’s look at the basic old-age pension system.
What is a basic old-age pension?
The national pension system has been in effect since 1988 to help the elderly live a stable retirement life, but many people have not joined the national pension because it has not been long since the system was implemented, and many people do not receive enough pension because the period is short.
Therefore, the basic pension system was introduced to help the elderly live a comfortable retirement life and distribute pension benefits fairly.
The basic old-age pension has been in effect since 2014, and is a pension welfare system provided to the bottom 70% of the elderly aged 65 or older to help a stable underdeveloped life in the country.
The basic old-age pension system is gradually increasing every year to reflect inflation.
As the national pension system matures, the basic pension will be automatically adjusted, reducing the future financial burden.
While solving the current serious elderly poverty problem, the basic pension system has been introduced to ease the burden on future generations and enjoy stable benefits in old age.
Who will be the winner?
The basic pension will be given to senior citizens aged 65 or older, who have Korean nationality, and who reside in Korea (resident registrants pursuant to Articles 6 1 and 2 of the Resident Registration Act) whose household income is below the selection standard.
*If only one of the couple applies, it is also a couple household.
basic pension eligibility
basic age pension eligibility criteria
Income recognition is less than KRW 18,000 per month for single households and less than KRW 2,880,000 for married households.
However, if the income recognition amount of the following person is less than or equal to the standard amount for selecting the basic pension, you can receive the basic pension.
1) Beneficiaries of the retirement pension or the retirement survivor pension in connection with the national pension with a tenure of less than 10 years (public officials, private school faculty, military personnel, and special post office staff) and their spouses
2) Beneficiaries and their spouses five years after receiving disability compensation, lump sum survivor’s pension, and lump sum survivor’s lump sum (when received in lieu of the survivor’s pension).
3) The person who was receiving the basic old-age pension at the time of June 30, 2014
4) When a person who was a special recipient of a special pension for the disabled at the time of enforcement of the Basic Pension Act later reaches the age of 65 and is converted to a special recipient of the basic pension.
3) and 4) The basic pension amount is calculated as 50% of the base pension amount. (If your income level is relatively high or both of you receive the basic pension, it may be reduced.)
Income recognition is the sum of monthly income evaluation and monthly income of property, and all assets such as earned income, business income, property, and vehicles, buildings, savings, and real estate are evaluated.
How much do I get?
The bottom 70% of income, up to 307,500 won per month, 492.000 won for couples.
First of all, the basic pension amount of the following people is calculated as the base pension amount*.* January 2022 to December 2022: Up to 307,500 won per month, but the income level is relatively high, so income reversal prevention reduction may be applied, or both couples may receive basic pensions.
Those who are not receiving the national pension (unpensioned)
A person whose monthly salary of the national pension (excluding the amount of dependent pension pursuant to Article 52 of the National Pension Act) is KRW 461,250 or less.
National Pension Service’s survivors’ pension or disability pension
Beneficiaries of the National Basic Livelihood Security, persons receiving pensions for the disabled, etc.
The basic pension amount of those who do not fall under the above case is calculated in consideration of “the formula according to income redistribution benefit (A benefit)” or “the amount of national pension benefit”.
<What is income redistribution benefit (A benefit)?>
Among the national pension benefits, it is a part of the basic pension character and is the standard for determining the basic pension amount for each individual.
The longer the subscription period and the earlier you sign up, the higher the A salary.
Even if the subscription period is the same, the amount of A salary may vary depending on the subscription period and subscription history.
Basic pension amount according to “National Pension Service Amount, etc.” = 250% of the base pension amount – National Pension Service Amount, etc.
* Amount of benefits payable monthly under the National Pension Act and the Act on the Linkage between the National Pension and the Occupational Pension Act (excluding the amount of dependent pension under Article 52 of the National Pension Act)
Basic pension amount according to ‘A benefit amount’ = (base pension amount -2/3×A benefit) + additional pension amount
*If the calculation result in parentheses is negative (-) value, it will be treated as “0”.
basic pension eligibility
For more information, contact the Health and Welfare Counseling Center (129 without a national number).