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National pension payments increase to reflect inflation rate

All News 09:29 January 05, 2018

SEOUL, Jan. 5 (Yonhap) -- National pension recipients will get an average monthly increase of 7,000 won (US$6.57) starting in April to reflect inflation-adjusted rates, welfare authorities said Friday.

Some 4.37 million people received a monthly pension of 365,620 won as of September last year. Starting April 25, the amount will go up to 372,566 won to reflect last year's 1.9 percent inflation rate, according to the Ministry of Health and Welfare and the National Pension Service.

Pensions for seniors will rise by 7,276 won, those for the disabled by 8,340 won and for surviving family members 5,089 won.

Recipients in the highest payment tier, 1.99 million won a month, will receive 2.02 million won, marking the first time that the sum will exceed the 2 million-won mark since the pension system was first introduced in 1988.
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