The government will raise the state pension payments for this year by point-five percent on-year in light of last year's inflation rate.

The Ministry of Health and Welfare said on Sunday that it issued an advance notice of the rise after a deliberation by its pension review committee. The advance notice will be in place through Thursday.

The government raises the state pension payouts every year, taking into consideration the previous year's inflation rate.

Under the revision, about four-point-34 million people covered by the state pension program will receive a monthly payment of 542-thousand won on average, up two-thousand-690 won from a year ago.

About 550-thousand people who have paid premiums for more than 20 years will see a rise of four-thousand-650 won, totaling a monthly average of 935-thousand-320 won.