An elderly person living alone can receive the basic pension this year if the monthly recognized income amount is 2.47 million won or less. The basic pension is paid at 349,000 won per month to people age 65 and older, and is available if income and assets are below a certain level.
The Ministry of Health and Welfare said on Jan. 1 that this year's basic pension eligibility thresholds will be set at a monthly recognized income amount of 2.47 million won for a single-person household and 3,952,000 won for a couple household. The recognized income amount is the sum of an elderly household's income such as earned income and pension income, and the amount converted to income from general and financial assets and liability.
This year's eligibility thresholds for single-person and couple elderly households rose by 190,000 won and 304,000 won, respectively, from last year. Although seniors' earned income fell slightly, increases in public pension and business income and in the value of dwellings and land assets raised overall income and asset levels.
Eligibility to apply for the basic pension begins with seniors born in 1961 who turn 65 this year. Seniors who newly turn 65 this year can apply for the basic pension starting one month before the month of their birthday. For those born in June 1961, applications open in May.
To apply for the basic pension, you can apply at a Community Service Center in any eup, myeon, or dong regardless of your address jurisdiction, at a National Pension Service branch, or through the Ministry's online portal at the Bokjiro website (https://www.bokjiro.go.kr). Those with mobility difficulties can call the National Pension Service customer center at 1355.