Pension amounts are adjusted annually based on the national consumer price inflation rate. This maintains the real value of benefits and protects purchasing power throughout the payout period, even as prices rise.
The scheme provides monthly pension benefits to insured persons or survivors to support a basic livelihood in the event of lost or reduced earning capacity.
As a state-managed system, the National Pension is the most secure way to prepare for retirement, with all benefit payments guaranteed by the Government.
Pension credits expand the opportunity to receive the Old-age Pension by granting additional insured periods for childbirth, military service, and the contributory efforts of job seekers during unemployment.
Additional insured periods are granted to parents based on the number of children and their date of birth/adoption.
| Number of Children | On or before Dec. 31, 2025 | On or after Jan. 1, 2026 |
|---|---|---|
| 1 Child | - | 12 months |
| 2 Children | 12 months | 24 months |
| 3 Children | 30 months | 42 months |
| 4 Children | 48 months | 60 months |
| 5 Children | 50 months (Max) | 78 months |
| Each Additional | - | +18 months |
Note: For children born on or after Jan. 1, 2026, the 50-month cumulative limit is abolished, and credits are granted starting from the first child.
Additional insured periods are granted to those who have fulfilled mandatory military service for 6 months or longer.
- Service completed before Jan. 1, 2026: 6 months
- Service completed on or after Jan. 1, 2026: The actual service period(up to 12 months)
If a recipient of job seeker’s allowance wishes to pay pension contributions and pays the individual contribution of 25%, the State subsidizes the remaining 75% of the contribution and adds that period(up to 12 months) to the insured period.
As a basic benefit of the National Pension Scheme to promote the stable livelihood and welfare of the old-age who is economically less active or inactive, an Old-age Pension is paid monthly for a lifetime to those whose insured period is 10 years or more when they reach age 60 (age 55 for beneficiaries in Early Old-age Pension).
The eligibility age of access to Old-age Pension is as follows:
| Age of access to Old-age Pension | Year of Birth | ||
|---|---|---|---|
| Old-age Pension | Early Old-age Pension | Divided Pension | |
| Before 1952 | 60 | 55 | 60 |
| 1953 ~ 1956 | 61 | 56 | 61 |
| 1957 ~ 1960 | 62 | 57 | 62 |
| 1961 ~ 1964 | 63 | 58 | 63 |
| 1965 ~ 1968 | 64 | 59 | 64 |
| 1969 and beyond | 65 | 60 | 65 |
The Old-age Pension is divided into Old-age Pension and Early Old-age Pension, depending on an insured period, age and income-generating activities.
If the average monthly income of a beneficiary exceeds the average monthly income of all pensioners, the pension benefit is reduced for up to five years as per income brackets (This applies to a person who acquires entitlement as of July 29, 2015).
A monthly reduced amount shall not exceed 1/2 of a monthly pension benefit.
The monthly income reported by an insured person at the time when applying for an Old-age Pension is applied, and a correction of payment is made at a later stage based on taxation data of the National Tax Service obtained in the following year.
Divided Pension is paid to a divorced spouse to help provide stability at his/her retirement by recognizing his/her mental and physical contribution to the marriage and splitting the contribution.
A person who claims a Divided Pension will receive the amount deducted from pension benefits for a portion of his/her spouse.
Pension deferral is possible for monthly pension benefits in full or part (50%, 60%, 70%, 80%, and 90%) and increases by 7.2% for every year (equivalent to 0.6% for every month).
The maximum deferral period is up to five years from the eligibility age per year of irth.
Disability Pension benefits a formerly or currently insured person who has a physical or mental disability due to sickness or injury by supporting reduced income portion according to the degree of disability.
Survivor Pension is paid when an old-age pensioner, a disability pensioner with a first - or second- degree disability, or a person who participated in the National Pension Scheme for a certain period is deceased. Dependent’s Pension amount plus a basic pension amount at a determined rated based on his/her insured period is paid to the bereaved family members to help promote their stable life.
Lump-sum Refund, along with its interest, is paid to a formerly or currently insured person when he/she is no longer able to participate in the National Pension Scheme nor meet the pension eligibility requirements due to the reasons when he/she dies, reaches age 60 with less than 10 years of coverage, loses Korean citizenship, or emigrates permanently.
If a beneficiary is entitled to two or more benefits, only one benefit is paid at his/her choice and the payment of other unselected benefits is suspended in full or in part.
Both overseas Korean and foreign beneficiaries are subject to a regular verification for changes in pension eligibility every quarter in which his/her birth date falls, as stipulated in Article 121 and 122 of the National Pension Act. If required documents are not submitted by due date (the second month of the quarter of birth date), pension payment is temporarily suspended. If the eligibility is not verified within two years after the temporary suspension, the pension payment will cease in totality, including the period of temporary suspension.
National Pension benefits for the period when the pension payment is ceased are not retroactively paid