Health · Healthcare & Policy · 4 hrs ago
Only 2.46% of eligible 18-year-olds applied for South Korean pension support
South Korea plans to pay the first month of National Pension contributions for young people turning 18 next year.
By October 28, 11,114 of about 451,000 eligible young people had applied, or just 2.46% of those eligible.
The government will pay 42,000 won, and young people must apply to receive the support.
A first contribution creates a pension record that can later help people build up their contribution period and potentially increase their old-age pension.
The scheme was changed from a universal benefit to an optional one after some young people raised concerns that it could pressure them to join the pension system.
The government plans to promote the scheme more widely with other ministries and the National Pension Service.
Only 2.46% of eligible 18-year-olds had applied for South Korea’s first-month National Pension contribution support by October 28.
The applicants were 11,114 of the 451,000 people due to turn 18 in 2027.
The government plans to pay 42,000 won toward each approved applicant’s first monthly contribution from next year.
Parents submitted 6,384 applications, more than the 4,630 submitted by the young people themselves.
The program is optional after concerns that paying the first month’s contribution could effectively force young people to join the pension system.
- Who
- 11,114 people due to turn 18 in 2027 applied, with applications submitted by the young people or their parents.
- What
- South Korea plans to cover 42,000 won of an eligible 18-year-old’s first monthly National Pension contribution.
- When
- Applications were counted through October 28. The support is scheduled to begin next year.
- Where
- South Korea.
- Why
- The support is intended to establish a pension contribution record, which can help applicants qualify to pay contributions later for periods without income and potentially increase their future pension.
Young people concerned about compulsory enrollment
Government and supporters of the support
Compulsory enrollment
Young people concerned about compulsory enrollment
Some young people objected that the government might use payment of one month’s contribution to effectively force them to join the National Pension system.
Government and supporters of the support
The program was made optional, and the government plans to cover the first contribution for those who apply.
Potential benefit
Young people concerned about compulsory enrollment
Some critics said the policy could shift to public funds a cost that some parents already pay for their children.
Government and supporters of the support
The government says the contribution record can help recipients qualify to make later payments for periods without income and may increase their future pension.
Some families already paid the first National Pension contribution for their 18-year-old children.
The plan changed from a campaign pledge to support all 18-year-olds to an optional program for those who want to apply.
11,114 people had applied for the support.
The government plans to begin covering the first monthly contribution for applicants.
- Applicants
- 11,114
- Eligible group
- 451,000 people due to turn 18 in 2027
- Application share
- 2.46%
- First-month support
- 42,000 won
- Direct applications
- 4,630
- Parent-submitted applications
- 6,384