This Year’s National Pension Benefits to Increase by 2.3% Compared to Last Year

This year, the pension amount for National Pension recipients will increase by 2.3% compared to last year, reflecting the consumer price inflation rate from the previous year. The payment amounts for other public pensions, such as the Basic Pension, Civil Servant Pension, Private School Teachers' Pension, and Military Pension, will also be raised by 2.3%.

According to the Ministry of Health and Welfare, the National Pension Service, and Statistics Korea on the 3rd, based on relevant laws, recipients of various public pensions will receive 2.3% more pension payments starting from January this year compared to last year. This adjustment reflects the consumer price change rate of 2.3% from last year.

The increased amount will be applied until December of this year. Article 51 of the National Pension Act, Article 35 of the Civil Servant Pension Act, and Article 5 of the Basic Pension Act stipulate that "the amount shall be increased or decreased annually by reflecting the nationwide consumer price change rate from the previous year." The Private School Teachers' Pension follows the Civil Servant Pension Act.

As of September last year, the average monthly pension amount for old-age pensions (the general form of National Pension received upon reaching the eligible age) was 654,471 KRW, but this year, the average monthly pension amount will increase by 2.3% (15,502 KRW) to 669,523 KRW.

For the highest old-age pension recipients (as of September last year, 2,893,550 KRW per month), the amount will increase by 66,551 KRW this year, resulting in a monthly payment of 2,960,100 KRW. This means receiving nearly 3 million KRW in National Pension almost every month. The Basic Pension, which was up to 334,814 KRW per month last year, will see its standard pension support amount increase by 2.3% (7,700 KRW) this year, reaching up to 342,514 KRW per month.