Expansion of Basic and Disability Pension Recipients... 'Pension 3 Acts' Passed by National Assembly

[Image source=Yonhap News]

[Asia Economy Reporter Oh Hyung-gil] The so-called 'Three Pension Laws' (amendments to the National Pension Act, Basic Pension Act, and Disability Pension Act) aimed at supporting the livelihoods of low-income elderly, disabled persons, and agricultural and fishery workers passed the National Assembly plenary session on the 9th.

On the afternoon of the same day, the National Assembly approved the partial amendment bills of the 'National Pension Act' and the 'Basic Pension Act,' as well as the amendment bill of the 'Disability Pension Act' in the plenary session.

The amendment to the National Pension Act includes extending the agricultural and fishery workers' pension insurance premium support project, which had expired at the end of 2019, for five years until the end of 2024.

It also established a basis for the state to support part of the pension insurance premiums when regional subscribers who had stopped paying due to business suspension or unemployment resume their payments.

The amendments to the Basic Pension Act and Disability Pension Act mainly focus on expanding the recipients eligible for a monthly 300,000 KRW benefit.

The amendment to the Basic Pension Act centers on gradually increasing the standard pension amount. It also expands the payment target from the current bottom 20% income bracket to the bottom 40% in 2020, and raises the standard pension amount to 300,000 KRW for all beneficiaries in 2021.

The Disability Pension Act amendment includes an early increase of the 2020 basic benefit amount to 300,000 KRW for recipients of housing and education benefits and the near-poverty class, and raises the basic benefit amount to 300,000 KRW for all disability pension beneficiaries in 2021.

This content was produced with the assistance of AI translation services.