This Year, National Pension Monthly Benefit Increased by 2,690 Won... Up 0.5%

[Asia Economy Reporter Choi Dae-yeol] The Ministry of Health and Welfare announced that, after deliberation by the National Pension Deliberation Committee, it will publicly notify a revision of the official announcement to increase the National Pension amount from this month by reflecting last year's inflation rate of 0.5%, for four days starting from the 11th.

The National Pension raises the pension amount annually by reflecting inflation to prevent the real value of the pension from declining and to ensure an appropriate benefit level. In the past, the increase was made every April, but since 2019, it has been raised in January. The revision applies until December of this year.

The basic pension amount for all 4.34 million pension recipients will increase by an average of 2,690 KRW. Among them, the basic pension amount for approximately 550,000 subscribers with over 20 years of contributions will increase by an average of 4,650 KRW. For those with dependents, the additional dependent pension amount paid annually will increase by 1,300 KRW to 263,060 KRW for spouses, and by 870 KRW to 175,330 KRW for children and parents.

From this year, new pension recipients will have their pension amount calculated by re-evaluating past income to present value, reflecting the average income increase of all subscribers. For example, the revaluation rate applied to a subscriber who had a monthly income of 1,000,000 KRW in 2000 is 1.997, converting the income to 1,997,000 KRW in current terms to determine the pension amount. The average monthly income of all subscribers is calculated based on the end of each year, and last year it was 2,539,734 KRW, a 4.1% increase from the previous year.

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