Starting in January this year, National Pension and basic pension recipients will receive benefits raised by 2.1% from the previous level. The Ministry of Health and Welfare said on the 9th that it convened the National Pension Review Committee at the National Pension Service Gangnam office and approved the change.

First, it decided to raise the National Pension basic pension amount and the dependent family pension amount by 2.1%, reflecting last year's consumer price inflation. With this increase, an old age pension recipient who received an average of 681,644 won per month as of September last year will receive 695,958 won per month, up about 14,000 won.

At the senior job fair at Mapo-gu Office in Seoul in the afternoon on the 10th, seniors fill out applications for senior public-interest activities and competency utilization projects. /Courtesy of News1

The dependent family pension amount will rise from 300,330 won to 306,630 won per year for a spouse, and from 200,160 won to 204,360 won per year for children and parents. The dependent family pension amount is an additional pension paid on top of the basic pension amount when a National Pension beneficiary has dependents who share a livelihood.

The basic pension amount will also increase. For a single older-adult household, the monthly pension will rise from 342,510 won last year to 349,700 won this year, and for a couple household, from 548,000 won to 559,520 won per month.

Meanwhile, at the committee meeting that day, the upper and lower limits of the standard monthly income, which serves as the basis for calculating National Pension contributions and benefits, were also adjusted. The upper and lower limits of the standard monthly income are the maximum and minimum incomes used to calculate contributions and benefits. No matter how high a person's income or assets are, contributions are not levied without limit; upper and lower bounds are set so contributions are charged only within a certain range.

The upper limit of the National Pension standard monthly income was changed from 6.37 million won to 6.59 million won, and the lower limit from 400,000 won to 410,000 won. For example, a subscriber with monthly income of 7 million won needs to pay contributions determined based on a maximum of 6.59 million won. The adjusted amounts are scheduled to take effect starting in July.

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