This Year’s National Pension Benefits Increased by 5.1%... Affecting 6.22 Million People

[Asia Economy Reporter Lee Gwan-ju] The pension amounts for 6.22 million people currently receiving the National Pension will increase by 5.1% starting from the new year.

The Ministry of Health and Welfare announced on the 8th that this decision was made reflecting last year's nationwide consumer price index changes. The applicable recipients include 5.23 million old-age pensioners, 70,000 disability pensioners, and 920,000 survivors' pensioners.

Accordingly, if a pensioner was previously receiving 1,000,000 KRW per month, their payment will increase by 51,000 KRW from January this year, resulting in a new amount of 1,051,000 KRW.

For pensioners supporting family members such as spouses, children, or parents, the family allowance-type support pension amount will also increase by 5.1%. The 2.21 million people supporting spouses will receive 13,750 KRW more, totaling 283,380 KRW, and the 250,000 people supporting children or parents will receive 9,160 KRW more, totaling 188,870 KRW.

Additionally, the 'A value' (the average income of all National Pension subscribers over the past three years) used to calculate the basic pension amount for those receiving their first pension this year, as well as the annual revaluation rate (the previous year's A value divided by the revaluation year's A value), have been determined. The A value increased by 6.7% compared to last year, reaching 2,861,091 KRW.

The Ministry of Health and Welfare will conduct an administrative notice from the 9th to the 11th after deliberation by the National Pension Deliberation Committee regarding the revision of the "National Pension Revaluation Rate and Pension Amount Adjustment" announcement. The ministry stated, "We plan to finalize the proposal within this month after collecting opinions during the administrative notice period."