Starting January 2024, both National Pension and Basic Pension payments in South Korea have been increased by 2.1%, expanding benefits for recipients. On January 9, the Ministry of Health and Welfare held the first National Pension Review Committee of 2026 at the National Pension Service Gangnam office, approving the pension increase, adjustments to the income ceiling, and the extension of special rules for income determination. These changes reflect inflation rates, ensuring that pensioners receive higher payments from this month. Both pension systems have been adjusted in line with consumer price increases, and the government plans to enhance communication about these changes.
The basic pension amount and dependent family pension amount have been raised by 2.1%, reflecting last year’s consumer price inflation. Approximately 7.52 million National Pension recipients will receive increased payments starting in January. The committee also decided on the revaluation rate for new pensioners in 2026; for example, the 1988 revaluation rate is 8.528, meaning income of 1 million KRW from that year is now valued at about 8.528 million KRW in 2025. The monthly income ceiling for pension calculations will rise from 6.37 million KRW to 6.59 million KRW, and the floor from 400,000 KRW to 410,000 KRW. However, about 86% of contributors are not directly affected by these changes.
In addition to adjusting the income ceiling, the committee extended the special rule for income determination for three years, benefiting workers with significant income fluctuations. This rule allows workplace contributors to pay insurance premiums based on their actual income during the year, making premium payments more realistic. The extension will take effect after the official announcement, and the adjusted income ceiling will apply to premiums from July onwards. The Ministry of Health and Welfare plans to revise related regulations sequentially.
The Basic Pension standard amount also increases by 2.1%, rising from 342,510 KRW per month last year to 349,700 KRW this year. Around 7.79 million elderly recipients will receive the increased pension from January. The Ministry will amend the relevant regulations within January to reflect the new pension amount. To ensure recipients and contributors are aware of these changes, the government will strengthen its guidance. For inquiries, contact the Ministry of Health and Welfare or the National Pension Service.