Gyeongju City Provides 300,000 Won Monthly Basic Pension to 70% of Seniors Aged 65 and Over

Last Year, Eligibility Criteria Expanded from Bottom 40% to 70% Income Bracket

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongwook Park] Following the government's revision of the basic pension payment criteria notice, 70% of the elderly aged 65 and over in the Gyeongju area will receive a monthly pension of up to 300,000 won. This measure was taken as the coverage expanded from the bottom 40% income bracket last year to 70% this year.

According to Gyeongju City on the 10th, seniors who received the maximum payment of 254,760 won last year for the bottom 70% income bracket will receive 300,000 won from this year, an increase of about 45,000 won.

Also, the selection criteria for recipients have been raised by 14.2%, from 1,480,000 won last year to 1,690,000 won this year for elderly single-person households.

In particular, residents who exceeded the elderly single-person household selection criteria of 1,480,000 won last year and thus did not receive the basic pension will be eligible to receive it this year if their recognized income does not exceed 1,690,000 won. However, for some recipients, the payment amount may be reduced depending on the amount of national pension received and whether the spouse is receiving a basic pension.

Especially, to prevent working seniors from being disadvantaged by the minimum wage increase, the earned income deduction amount was raised to 980,000 won by reflecting this year's increased minimum hourly wage (8,720 won). To receive the changed basic pension this year, an application must be submitted. Those born in 1956 who turn 65 this year are eligible for new applications.

Joo Nak-young, Mayor of Gyeongju City, said, "We hope that expanding the basic pension will provide some support to seniors facing economic difficulties due to the COVID-19 crisis," and added, "We will continue efforts to improve the welfare of the elderly."

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