Senior citizens aged 65 and over, who live alone with a monthly income recognition amount of 2.28 million won or less, are eligible for the basic pension. This year, the basic pension is expected to be about 340,000 won per month for single households. As both the elderly population and the pension amount increase, the budget allocated has exceeded 26 trillion won.
The Ministry of Health and Welfare announced on the 1st that it has decided the selection criteria for the basic pension in 2025 to be a monthly amount of 2.28 million won for single households and 3.648 million won for couples. Elderly households with monthly income recognition amounts below these criteria can receive the basic pension.
The government aims for 70% of senior citizens aged 65 and over to receive the basic pension by comprehensively reflecting income, asset levels, living conditions, and inflation rates when determining and publicizing the selection criteria. This year's selection criteria for single households have increased by 150,000 won (7%) compared to last year. This is due to a 11.4% increase in earned income and a 12.5% rise in public pension income for the elderly compared to the previous year. However, the impact of a slight decrease in the value of assets such as buildings and land was also considered.
The government plans to expand deductions for education and medical expenses, which were previously limited to cohabiting family members when calculating income recognition, to include non-cohabiting direct descendants and ancestors. Plans are also in place for factual separation to be recognized for victims of domestic violence to receive the basic pension by confirming certifications of domestic violence incidents from police and others.
The number of basic pension recipients is expected to be 7.36 million this year. When the system was introduced in 2014, there were 4.35 million recipients. As 70% of the elderly population are eligible for payment, an increase in the elderly population results in a higher number of basic pension recipients. The related budget is projected to be 26.1 trillion won. In 2014, it was 6.9 trillion won.
One must apply to receive the basic pension. Seniors turning 65 this year can apply from a month before the month of their birthday. Applications can be submitted at administrative welfare centers in towns, townships, or neighborhoods, or at the National Pension Service branches, regardless of residence. Applications are also available through the Welfare for All website (www.bokjiro.go.kr).