Politics · South Korea · 19 hrs ago
South Korea plans to raise income limit for pension premium support
South Korea’s National Pension Service plans to widen premium support for low-income subscribers to the national pension.
The proposed change would raise the monthly income limit from 800,000 won to under 1 million won.
The support is for people enrolled as local subscribers, rather than through a workplace pension plan.
Since January 2026, eligible subscribers have been able to apply regardless of whether they previously stopped and restarted payments; the support covers half of premiums for up to 12 months.
The change could help people who earn too much to qualify under the current limit but still struggle to pay.
That concern has grown as the pension contribution rate rose from 9% to 9.5% this year.
The service aims to include the change in the 2027 government budget, but it is not yet approved.
South Korea’s National Pension Service plans to raise the monthly income limit for low-income self-employed contributors to qualify for premium support from below 800,000 won to below 1 million won.
The service aims to include the change in the government’s 2027 budget proposal, but it is not yet final.
Eligible contributors can receive support for 50% of their premiums for up to 12 months.
The proposed change could bring support to people earning between 800,000 won and 1 million won a month, who are currently excluded by the income limit.
The service says the plan responds to concerns about a support gap as pension contribution rates rise.
- Who
- The National Pension Service is proposing the change for low-income self-employed contributors.
- What
- It plans to raise the monthly income limit for premium support from below 800,000 won to below 1 million won.
- When
- The service is targeting the 2027 government budget.
- Where
- South Korea.
- Why
- The change is intended to address a support gap affecting people earning between 800,000 won and 1 million won a month.
This story does not have two clearly opposing sides.
The requirement that applicants must have resumed premium payments after a break was removed.
The National Pension Service presented the proposed income-limit increase at a parliamentary audit, according to one report.
Reports said the service was seeking to include the change in the 2027 government budget proposal.
The service aims to apply the higher income limit from this year, subject to budget approval.
- Current income limit
- Below 800,000 won a month
- Proposed income limit
- Below 1 million won a month
- Premium support
- 50% for up to 12 months
- Budget target
- 2027 government budget
- Affected income range
- 800,000 won to below 1 million won a month