National pension basic pension amount will increase by 2,690 won on average monthly from this month

Starting this month, the basic pension amount of the existing national pension recipients will increase by 2,690 won on average.

The Ministry of Health and Welfare announced on the 22nd that it will implement some amendments to the announcement of the 2021 National Pension Revaluation Rate and Pension Amount Adjustment, which reflects the 0.5% change in prices of last year and increases the amount of the national pension.

The National Pension Plan raises the pension amount by reflecting the increase in inflation every year to prevent a decline in the real value of the pension amount and ensure an appropriate level of benefits. The revised notice is applied until December.

The basic pension amount for all 4.43 million annual pensioners increases by 2,690 won per month on average. Among these, the basic pension amount for subscribers over 20 years increases by 4,650 won per month on average.

Specifically, as of October last year, a total of 550,000 old-age pension recipients who have been enrolled for more than 20 years, and their average pension amount will increase by 4,650 won from 93,670 won per month to 935,000,320 won per month from this month.

If you have dependents, the amount of additional pensions for dependents will increase. On an annual basis, the pension amount for spouses increased by 1,300 won to 263,000 won, and for children and parents, 870 won to 175,000,330 won.

For beneficiaries starting to receive the national pension from this year, the pension amount is calculated after reflecting the increase in the average income (A value) of the total subscribers and re-evaluating (converting) their past income (B value) to their present value.

For example, the revaluation rate applied to subscribers whose monthly income was 1 million won in 2000 is 1.997, and in 2021, the pension amount is calculated by converting the income to 1,997,000 won.

The average monthly income (A value) of all subscribers is calculated at the end of each year, and the A value in 2020 was 25,393,734 won, an increase of 4.1% from the previous year (24,38,679 won).

The national pension payment date is the 25th of each month.

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