This year, the national pension benefit amount will increase by 0.5%… Monthly average of 2,690 won from this month↑

550,000 people who have joined for more than 20 years have an average monthly increase of 4,650 won

National Pension Depletion Prospect (PG)
National Pension Depletion Prospect (PG)

[제작 이태호] Photo synthesis

(Seoul = Yonhap News) Reporter Shin Jae-woo = The Ministry of Health and Welfare is a revised bill of the’National Pension Revaluation Rate and Pension Amount Adjustment’, which increases the amount of the national pension by reflecting the inflation rate (0.5%) of the previous year from this month after a resolution by the National Pension Review Committee. It was announced on the 10th that the administration will be announced by the 14th.

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 rises by 2,690 won on average. Among these, the basic pension amount for subscribers over 20 years increases by 4,650 won 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 rose 1,300 won to 263,000 won, and for children and parents, 870 won to 175,000,330 won.

Recipients who start receiving the national pension from this year preserve the real value of the pension by calculating the pension amount through a process of reevaluating (converting) the past income to the present value by reflecting the increase in the total average income (A value) of the subscribers.

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. Last year, it was 25,393,734 won, up 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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