Business · Economy · 3 hrs ago
South Korea’s early National Pension recipients top 1 million
More than 1 million people in South Korea are now receiving their National Pension early.
The total marks the first time the number has passed 1 million since the early-pension system began in 1999.
People who claim early accept reduced pension payments in return for starting benefits sooner.
Many face an income gap after leaving work: the legal retirement age remains 60, while the age for starting pension payments is rising.
A National Pension Research Institute survey found that many early applicants wanted to cover basic living costs.
The trend highlights the financial pressure on people who stop working before their pension begins, but no next policy step is specified.
South Korea’s early National Pension recipients have topped 1 million, 26 years after the system was introduced.
Many retirees are choosing to claim early despite reduced benefits as they face gaps in income after leaving work.
The legal retirement age remains 60, while the age for starting pension payments is gradually rising.
A National Pension Research Institute survey found that many early applicants sought the pension to cover living expenses.
- Who
- More than 1 million people in South Korea receiving early National Pension benefits.
- What
- The number of early recipients has passed 1 million.
- When
- By October 30, 2026; the system was introduced in 1999.
- Where
- South Korea.
- Why
- Many applicants face an income gap after leaving work and seek money for living expenses.
This story does not have two clearly opposing sides.
South Korea introduced the early National Pension system.
The number of early National Pension recipients was reported to have passed 1 million.
- Early recipients
- More than 1 million
- System introduced
- 1999
- Time since introduction
- 26 years
- Legal retirement age
- 60
- Reported reason for early claims
- Many applicants sought money for living expenses
What people are saying
You never know what will happen in life, so it is better to receive even a little earlier while you can.
I applied in a hurry because I was worried I might lose my status as a health insurance dependent.