Sejong City Expands Basic Pension Recipients... Up to 300,000 KRW per Month for Single-Person Households

[Asia Economy (Sejong) Reporter Jeong Il-woong] Sejong City will expand the eligibility criteria for the Basic Pension starting this year. This measure follows the enforcement of the amendment to the Basic Pension Act, allowing single-person households to receive up to 300,000 KRW per month.

According to the city on the 8th, the eligibility for the Basic Pension will be expanded from the bottom 40% income bracket to the bottom 70% income bracket starting this year.

Accordingly, from this month, elderly individuals aged 65 or older in the bottom 70% income bracket will receive a Basic Pension of up to 300,000 KRW per month for single-person households and up to 480,000 KRW per month for couple households.

The eligibility threshold has been adjusted from 1.48 million KRW to 1.69 million KRW per month for single-person beneficiary households, and from 2.368 million KRW to 2.704 million KRW per month for couple beneficiary households.

However, recipients must have a recognized income amount, calculated by converting and summing the income and assets of themselves and their spouse, that is less than the eligibility threshold based on the asset investigation results.

Applications for the Basic Pension can be made at the local eup/myeon/dong community service center or the National Pension Service branch in the month prior to turning 65. Existing beneficiaries do not need to reapply and will automatically receive benefits under the revised criteria starting this month.

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