Politics · South Korea · 3 hrs ago
South Korea to require five years of residence for basic pension
South Korea will require at least five years of residence for people to qualify for its basic pension from April 2027.
The rule applies to people who have not lived in South Korea for five or more years since turning 19.
The basic pension is a benefit for people aged 65 and older who meet income requirements.
The change follows a rise in dual-national recipients, from 3,621 in 2021 to 8,176 last year, who received 31.4 billion won in total.
Authorities have had difficulty checking recipients’ overseas pensions and financial assets, raising concerns about fair treatment compared with other residents.
The new rule removes the previous absence of a minimum residence requirement.
The National Assembly Budget Office also says South Korea should strengthen checks on overseas assets.
South Korea will require people to have lived in the country for at least five years after age 19 to qualify for the basic pension, starting in April 2027.
The rule is intended to address fairness concerns over eligibility for people with dual nationality whose overseas income and assets are difficult to verify.
The number of dual nationals receiving the pension rose from 3,621 in 2021 to 8,176 last year.
Payments to those recipients totalled 31.4 billion won last year, up from 11.82 billion won in 2021.
Maeil Business reported that the government was discussing a residence requirement, while Yonhap said a law had recently been amended to introduce it.
- Who
- People seeking South Korea’s basic pension, including dual nationals.
- What
- A five-year domestic residence requirement will apply. People who have not lived in South Korea for at least five years after age 19 will not qualify.
- When
- From April 2027.
- Where
- South Korea.
- Why
- To address fairness concerns and gaps in checking dual nationals’ overseas income and assets.
This story does not have two clearly opposing sides.
South Korea had 3,621 dual-national basic pension recipients, who received a total of 11.82 billion won.
The number of dual-national recipients reached 8,176, and total payments rose to 31.4 billion won.
The five-year domestic residence requirement is due to take effect.
- Requirement
- At least five years living in South Korea after age 19
- Start date
- April 2027
- Dual-national recipients
- 8,176 last year
- Total payments
- 31.4 billion won last year
- Recipient increase
- 125.8% from 2021 to last year
What people are saying
Measures should also be devised to improve the effectiveness of the system, including building infrastructure to verify overseas assets using tax and financial information exchange systems