National Pension Benefits to Increase by 3.6%

Increase in Minimum and Maximum Standard Monthly Income
Basic Pension Amount Applied from This Month
6.49 Million Recipients Receive Higher Benefits

Starting this month, the pension payments for approximately 6.49 million National Pension recipients will increase by 3.6% compared to before. This is due to the reflection of last year's inflation rate amid continued high inflation.

On the 9th, the Ministry of Health and Welfare announced that it held the first National Pension Deliberation Committee meeting of the year and decided to raise pension amounts and adjust the upper and lower limits of the standard monthly income amount to be applied in 2024.

National Pension Benefits to Increase by 3.6%

[Image source=Yonhap News]

Public pensions such as the National Pension, Basic Pension, Government Employees Pension, Private School Teachers Pension, and Military Pension adjust payment amounts annually by reflecting the consumer price index changes to prevent a real decline in pension amounts. Accordingly, the basic pension amount, increased by last year's inflation rate (3.6%), will be applied starting this month.

The Basic Pension, given to the bottom 70% income group among the elderly population aged 65 and over (approximately 7.01 million people this year), will also increase by 3.6% starting this month. As a result, the Basic Pension for a single-person household, which was 323,180 won last year, will rise to 334,810 won this year.

Not only the National Pension and Basic Pension but also other public pensions such as the Disability Pension, Government Employees Pension, Military Pension, and Private School Teachers Pension will increase by 3.6% according to last year's inflation rate.

The Dependent Family Pension amount, received together with the basic pension when there are dependents, will also increase by 3.6%. This year, the pension amount received by a spouse will be 293,580 won, and the amount received by children or parents will be 195,660 won, which are increases of 10,200 won and 6,790 won respectively compared to last year.