Lee Junseok Pledges to Expand Home Pension Benefits with Introduction of "My Home Pension Plus"

Abolishing the Official Land Value Requirement for Home Pension Enrollment
Easing Eligibility and Expanding Disposable Income for Seniors
Reducing the Financial Burden on Children

Lee Junseok, the presidential candidate of the Reform New Party, pledged on the 19th to introduce the "My Home Pension Plus" system, which will ease the eligibility requirements for the home pension and increase its benefits.

On the morning of the same day, Lee announced a home pension reform plan called My Home Pension Plus, which aims to increase the actual income of the elderly population by easing the existing home pension's eligibility requirements and expanding its benefits. This plan utilizes the asset composition characteristics of the elderly, who are excessively dependent on real estate.

In 2025, South Korea has entered a super-aged society, with the elderly population exceeding 10 million and accounting for more than 20% of the total population. However, most of the elderly's assets are tied up in housing, resulting in an intensifying "house poor" phenomenon, where they own assets but lack liquid funds.

Additionally, as the income replacement rate of the National Pension is decreasing, there are growing concerns that public pensions alone are insufficient to guarantee adequate retirement income, highlighting the need for supplementary measures such as the home pension.

Accordingly, through My Home Pension Plus, Lee plans to abolish the current official land value limit of 1.2 billion KRW for single-home owners and to allow multi-home owners to participate up to 2 billion KRW, thereby easing the eligibility requirements.

Furthermore, the reasons for lump-sum withdrawals, previously limited to serious illness treatment, will be expanded to include events such as children's marriage. In line with the increased housing value eligibility, the loan limit will also be raised to 1 billion KRW.

The plan also includes improvements to allow pension payments to continue even when moving to a Silver Town or nursing facility while maintaining home ownership, or when downsizing from an existing home to a smaller one.

The benefits of My Home Pension Plus will also be expanded. First, credit card spending by parents using the pension will be included in their children's income deductions, and actual tax burdens will be reduced through exemptions from the comprehensive real estate tax and property tax. Under the existing home pension system, income deductions were not available because, by law, the pension was considered a debt rather than income.

The Reform New Party's policy headquarters stated, "It is a serious problem that seniors who have devoted their lives to purchasing a home and raising children are facing poverty. By providing an additional lifelong source of income, we will help ensure a dignified and comfortable retirement."

Lee Junseok, the reform New Party presidential candidate, is attending the Kwanhun Debate held at the Press Center in Jung-gu, Seoul on the 30th, responding to panel questions. 2025.4.30 Photo by Jo Yongjun