This year, the amount of national pension benefits will increase by 5.1% compared to the previous one, reflecting inflation.
The Ministry of Health and Welfare announced on the 8th that the pension amount of about 6.22 million people currently receiving the national pension will increase like this from this month. As of October last year, a total of 6.22 million people received the national pension, including 5.23 million old-age pension, 70,000 disability pension, and 920,000 survivors pension.
As a result, recipients who previously received a monthly pension of 1 million won will receive 1,051,000 won, a 5.1% (51,000 won) increase from this month.
If there are dependents such as spouses, children, parents, etc., the amount of dependents’ pensions in the form of family allowances that pension recipients receive additionally will also rise by 5.1%.
The amount of pension for dependents will increase from 269,630 won to 283,380 won per year for spouses, and from 179,710 won to 188,870 won for children and parents. There are 2.21 million and 250,000 recipients, respectively.
In addition, the A value for calculating the basic pension amount for those who receive a pension for the first time this year and the annual revaluation rate have been determined and will be applied from this time.
The A value is the average income for three years of all members of the National Pension Scheme. The price of A this year was 2,861,091 won, an increase of 6.7% from last year.
The revaluation rate is a coefficient multiplied by past income to convert it into a present value, and is the value obtained by dividing the value of A in the previous year of commencement of supply and demand by the value of A in the revaluation year.
The Ministry of Health and Welfare explained that this is a part that differentiates the national pension from other private pension systems by converting income during the past subscription period into the current value of receiving pension to reflect actual income.
The Ministry of Health and Welfare plans to make an administrative advance notice of the amendment to the National Pension Revaluation Rate and Adjustment of Pension Amount Adjustment from the 9th to the 11th, and after collecting opinions, finalize the final draft within this month.
Inquiries: Pension Benefits Team, Pension Policy Bureau, Ministry of Health and Welfare 044-202-3632