Pension Recipients Receiving 1 Million Won Will Get 1,025,000 Won This Year... National Pension Benefits Increased by 2.5%

[Asia Economy Reporter Seo So-jeong] From January this year, the pension amounts for approximately 5.69 million people currently receiving the National Pension will be increased by 2.5%, reflecting last year's nationwide consumer price index change. Accordingly, a pension recipient who was receiving 1,000,000 KRW per month will receive an increased pension amount of 1,025,000 KRW from January this year, which is 25,000 KRW more.

If the pension recipient has dependents such as a spouse, children, or parents, the family pension amount, which is an additional family allowance, will also be increased by 2.5%.

Also, for those receiving pensions for the first time this year, the A value (the average income over three years of all National Pension subscribers) and the annual revaluation rate (a coefficient used to convert past income to present value) have been determined and will be applied starting this month. The A value is 2,681,724 KRW, which is a 5.6% increase compared to the previous year.

The Ministry of Health and Welfare announced on the 9th that, after deliberation by the National Pension Deliberation Committee (Chairman Yang Sung-il, 1st Vice Minister), it has prepared a revision of the 'National Pension Revaluation Rate and Pension Amount Adjustment' notice reflecting the above contents and will conduct an administrative notice from the 10th to the 13th.

This notice revision is meaningful in guaranteeing the real value of pension amounts through adjustments reflecting inflation rates and the results of past income revaluation.

The Ministry of Health and Welfare explained, "We pay pension amounts increased by reflecting the inflation rate to current recipients, and when calculating the pension amount for those receiving pensions for the first time this year, past income is revalued to present value according to the revaluation rate," adding that they plan to finalize the revision of the 'National Pension Revaluation Rate and Pension Amount Adjustment Notice' in January after collecting opinions during the administrative notice period.

Organizations or individuals with opinions on this notice revision can submit their opinions to the National Pension Policy Division of the Ministry of Health and Welfare by the 13th.

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