'National Pension Insurance Premium' Increased by up to 26,100 KRW per Month ... Standard Monthly Income Amount Up 5.6%

From July, Standard Amount Ceiling Raised from 5.24 Million Won to 5.53 Million Won, Floor from 330,000 Won to 350,000 Won

[Asia Economy Reporter Jo In-kyung] The government will raise the upper limit of the 'standard monthly income amount,' which is the basis for calculating National Pension premiums, to 5.53 million KRW and the lower limit to 350,000 KRW starting from July. Accordingly, the National Pension premium will increase by up to 26,100 KRW per month.

On the 30th, the Ministry of Health and Welfare announced the adjustment of the upper and lower limits of the National Pension standard monthly income amount.

The adjustment of the standard monthly income amount is determined by reflecting the average income change rate over the past three years for all subscribers, according to the Enforcement Decree of the National Pension Act. This year's change rate is 5.6%.

Accordingly, the upper limit of the standard monthly income amount was adjusted from 5.24 million KRW last year to 5.53 million KRW this year, an increase of 290,000 KRW. The lower limit was also raised from 330,000 KRW last year to 350,000 KRW, an increase of 20,000 KRW.

This standard will be applied for one year from July this year to June next year.

With the adjustment of the standard monthly income amount, the maximum monthly National Pension premium this year will be 497,700 KRW, which is 26,100 KRW higher than last year. The minimum monthly premium will increase by 1,800 KRW to 31,500 KRW compared to last year.

It is estimated that about 2.39 million subscribers correspond to the upper limit, and 147,000 subscribers correspond to the lower limit.

Jung Ho-won, Director of the Pension Policy Bureau at the Ministry of Health and Welfare, explained, "As the income level of subscribers improves, the upper and lower limits of the standard monthly income amount are adjusted, so some subscribers will see an increase in premiums, but they will receive higher pension benefits upon reaching the pensionable age."

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