Seoul, South Korea – South Korea’s Ministry of Health and Welfare announced on [date] that recipients of the National Pension and Basic Pension will see a 2.3% increase in their monthly benefits starting from January 2025.
The decision was made at the first National Pension Council meeting of 2025, where members agreed to adjust both the National Pension and Basic Pension amounts, as well as the upper and lower limits of the standard monthly income.
The increase in National Pension benefits is in line with the previous year's inflation rate of 2.3%, as reported by the Korea National Statistical Office. Approximately 6.92 million current recipients will see an increase in their monthly payments starting in January.
Additionally, the upper and lower limits of the standard monthly income, which is used to calculate pension contributions and benefits, will be adjusted. The standard monthly income is adjusted annually based on changes in the average income of all National Pension subscribers over the past three years.
Given the 3.3% increase in the average income of all subscribers compared to 2024, the upper limit of the standard monthly income for 2025 will be raised from 6.17 million won to 6.37 million won, while the lower limit will increase from 390,000 won to 400,000 won.
The Ministry of Health and Welfare will revise the relevant regulations to reflect these changes. The increased pension benefits will be applied from January, while the adjustments to the upper and lower limits of the standard monthly income will take effect in July.
Furthermore, the Basic Pension, a government-funded program for low-income elderly individuals, will also increase by 2.3% in accordance with the Consumer Price Index. Approximately 7.36 million elderly people will receive a higher Basic Pension starting from January.
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