Let’s take a look at the eligibility information for the basic old-age pension.Both of my parents are old and not working, so I thought it would be difficult to find another job, so I wanted to help them even a little.In the meantime, I found out that there was a basic old-age pension.I’ll look into it in detail below.
basic pension eligibility
Table of Contents
Basic Old Age Pension?
When you’re trying to get a basic old-age pension,
eligible recipients of basic old-age pension
What if you are satisfied with the eligibility for the basic old-age pension?
marital and national pension reductions
application method for basic old-age pension
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Basic Old Age Pension?
The basic old-age pension is a monthly pension given to the elderly aged 65 or older whose income recognition amount does not meet the selection criteria.It provides an income base for the elderly who are unable to earn stable income and guarantees their retirement life.
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This basic old-age pension was first implemented in July 2014 and has been in operation until now, but many people are confused because it is a completely different system from the old-age pension that rich people know.
I knew about the old-age pension, but I knew about the basic old-age pension for the first time, but now the name has been changed to the basic pension and the pension amount is set every year to reflect the previous year’s consumer price growth rate.
When you’re trying to get a basic old-age pension,
If you want to receive a basic old-age pension, you can apply for two types of households, divided into single-person households and married households.If only one person applies for an old-age pension, he or she will not be eligible for the basic old-age pension if he or she receives a civil service pension, a military pension, or a special post office pension.
eligible recipients of basic old-age pension
Looking at the eligibility for the basic old-age pension, the income recognition amount is also evaluated, which is the sum of the income conversion amount of your property and the monthly income evaluation amount.
▶ 2023 Actual salary for the minimum wage
In order to find out the amount of income recognition, you need to calculate it yourself, but the method is quite difficult and difficult, so it will be easier to calculate it through an income recognition simulation calculator.
I was curious about whether my parents were eligible for the basic old-age pension, so I visited the welfare-free site and found out through a simulation calculator, and it was easy to check.
In addition, I learned that it applies to basic old-age pension eligibility, so I looked at how much I could receive if I applied.
What if you are satisfied with the eligibility for the basic old-age pension?
If you meet the eligibility for the basic old-age pension, you can receive up to 492,000 won per month and up to 307,500 won per month for a single-person household.However, there is an important thing to look at here, which is a decrease in income reversal.
This means that if the total amount of the basic pension exceeds the basic pension selection standard, the excess amount will be deducted from the basic pension.Therefore, if the income recognition amount of a single household resident is more than KRW 1,492,500, he or she will be exempted as much as he or she exceeds the basic pension standard.
▶2022 Annual Salary Receipt Table
marital and national pension reductions
There were also reductions in couple reduction and national pension linkage, and if both couples receive the basic old-age pension, 20% will be reduced, and the more they receive, the more they can be reduced.
If your parents are similar, you can apply right away by preparing documents because you are eligible for the basic old-age pension.
application method for basic old-age pension
The application method was made using the homepage as welfare, but it was convenient because it was mobile.The application period was proceeded immediately because you can apply from the month before your 65th birthday.
Please refer to the copy of the bankbook for receiving your ID card and basic pension, monthly contract, basic pension application, financial information provision agreement, and income property report.So far, we have looked into the eligibility information for the basic old-age pension.