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Basic pension to increase to match rate of inflation

All News 09:34 January 04, 2018

SEOUL, Jan. 4 (Yonhap) -- The monthly basic pension for seniors will increase to 209,914 won (US$197) from April, with another increase scheduled from September, the Ministry of Health and Welfare said Thursday.

The amount of basic pension, paid to people aged 65 and older, is adjusted annually after considering the rate of inflation and the income level of subscribers to the national pension system. The increase from April reflects last year's 1.9 percent rate of inflation.

The monthly basic pension will increase up to 250,000 won from September when the 2018 budget agreement goes into effect, the ministry said. The increase is aimed to help senior citizens who are most vulnerable to poverty.

The government has modified regulations from this year to ensure that 70 percent of people aged 65 and older become eligible for the basic pension. Seniors who live alone and have a monthly income of less than 1.31 million won, and senior couples with an income of less than 2.09 million won, are eligible to apply.

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