The maximum amount of national pension received monthly is 2.27 million won… Can I get this much too?

An elderly couple living in Seoul, A (66) and B (66), joined the national pension in the first year of the system. Her husband, A, paid insurance premiums for 313 months from January 1988 to January 2014, and instead of delaying pension payments for five years, she received a deferral rate of 36% from February of last year, receiving 1.88 million won per month for old-age pension. Mr. B also paid insurance premiums for 329 months from January 1988, and has been receiving an old-age pension of 1939,000 won per month since July of last year after a five-year postponement. The combined old-age pension for couples reaches 3.82 million won per month.

The National Pension Service announced on the 16th that the person who received the most national pension last year received 2.27 million won per month, and the combined maximum amount received by the couple amounted to 3.82 million won per month. The Corporation paid a total of 5.55 trillion won in national pension last year. Among them, the average pension amount for recipients of the old-age pension was 541,000 won, and the maximum amount of the old-age pension was 2269,000 won per month. Recipients who received the largest amount cumulatively received a total of 22.87 million won.

As the national pension system is mature, the number of subscribers over 20 years is steadily increasing. As of the end of last year, the number of old-age pension recipients who have been enrolled for more than 20 years was 838,000, an increase of 25.2% from the previous year, and the average pension amount was 9.3 million won per month. In 2015, it was only 32,498, but it increased by about 2.6 times compared to five years ago.

The number of subscribers for more than 30 years is 55,000, and the average pension amount is 1368,000 won per month. If such long-term national pension recipients receive their pension until their life expectancy, they can receive at least 100 million to 200 million won more than the premium paid so far. For example, C (65) is a beneficiary who paid 24.69 million won in pension insurance for 330 months from 1988 and received 820,000 won a month for old age pension from February 2017. Since August 2019, the amount of pension received so far has been higher than the premium paid. Assuming that men continue to receive pensions for 23 years until the age of 84, the life expectancy of men in the future, the total amount of benefits is 226 million won, which is more than 9.1 times the total amount of premiums paid.

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