Gov't to Increase Minimum Amount of Basic Pension for Elderly to 25,000 Won

Write : 2018-08-21 10:03:56 Update : 2018-08-21 11:59:16

Gov't to Increase Minimum Amount of Basic Pension for Elderly to 25,000 Won

The government will increase the minimum amount of basic pension program for the elderly by five thousand won to 25-thousand won.

The Ministry of Health and Welfare said that the enforcement ordinance to that effect passed at a Cabinet meeting on Tuesday. 

The minimum amount of the basic pension scheme, which pays benefits to senior citizens aged 65 or older whose income falls in the bottom 70 percent, has been set at 20-thousand won since the program was introduced four years ago. 

But it will be raised to 25-thousand won from next month when the maximum monthly basic pension payment will increase to 250-thousand won. 

As part of the revisions, basic pension payments will not be slashed by 20-thousand won when the pension recipients' monthly income increases less than 20-thousand won. Currently basic pension payments are cut when the monthly income increases by just three-thousand won.

[Photo : YONHAP News]

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