▲ National Pension
Starting tomorrow, June 17, the income threshold for reducing old-age pension payments will be significantly eased from 3.19 million won to 5.19 million won per month.
As a result, old-age pension benefits will no longer be reduced for those whose monthly income does not exceed the new threshold of 5.19 million won.
The Ministry of Health and Welfare announced that the amended National Pension Act, which improves the old-age pension reduction system, will officially go into effect.
Previously, old-age pensions were reduced if recipients earned income above a certain level. However, the reduction threshold will now be raised by 2 million won to 5,193,511 won.
For income earned in 2025, the revised criteria will be applied automatically based on finalized tax data from the National Tax Service, without the need for a separate application.
Recipients who have already had their pension payments reduced will also receive a refund of the deducted amount without needing to file an application.
The refunds will be processed automatically starting at the end of July, following the National Pension Service's procedure of obtaining finalized data from the National Tax Service.
Alternatively, pension recipients may choose to submit their tax documents directly to the National Pension Service for processing.
The Ministry of Health and Welfare expects that this improvement to the reduction system will allow approximately 100,000 recipients to receive their full old-age pension without any deductions each year.
(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.