Adjustment of Monthly Housing Pension Payments from February Applications: "Reduced Monthly Benefits for Elderly Recipients"
Monthly Payments for New Housing Pension Applicants Vary by Age Group
Existing Subscribers Receive Their Current Pension Amounts
Consult Branch in January to Decide Pension Application Timing
[Asia Economy Reporter Park Sun-mi] Korea Housing Finance Corporation (HF) announced on the 12th that it will change the monthly payment amount for new applicants of the Housing Pension starting February 1.
The range of monthly payment changes due to this adjustment varies by age group. For general housing and fixed-rate subscribers, based on the enrollment age of 69, younger applicants will see a slight increase in their monthly payments, while older applicants will experience a slight decrease.
HF Corporation adjusts the monthly payments each year by reflecting the results of recalculating key variables of the Housing Pension, such as ▲housing price increase rate ▲interest rate trends ▲changes in life expectancy according to life tables, after approval by the Housing Finance Operation Committee.
The Housing Pension monthly payment is determined based on the age at the time of enrollment (younger of the applicant or spouse) and the housing price. Since the government guarantees the same pension amount for the subscriber and spouse throughout their lifetime, Housing Pension subscribers can enjoy a stable retirement life without worrying about housing price fluctuations or longevity risk.
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Because the Housing Pension pays the same monthly amount for life after enrollment, existing subscribers will continue to receive their original pension amount regardless of this monthly payment adjustment. A corporation official stated, “The range of monthly payment changes varies by age group, and especially for those aged 69 and older (general housing · fixed-rate), the monthly payment will slightly decrease starting February 1. Therefore, those considering subscribing to the Housing Pension are advised to expedite their enrollment through consultation in January.”
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