Monthly Income Threshold for Old-Age Pension Reduction Raised to 5.19 Million Won

Starting tomorrow, June 17, the revised National Pension Act will take effect, raising the monthly income threshold for reducing old-age pension payments from the current 3.19 million won to 5.19 million won.

Recipients whose old-age pensions were reduced this year because their monthly income exceeded 3.19 million won last year will also receive automatic refunds of the deducted amounts starting at the end of next month. The government estimates that approximately 100,000 people will receive an average of 600,000 won each.
※ Please note: This article was translated by AI and may contain errors.