Pension payouts are set to increase by three-point-six percent this month amid persistent persistent high inflation and the rise in the cost of living last year

The Ministry of Health and Welfare announced the change on Tuesday, resulting in six-point-49 million pension recipients getting an increased payout.

The climb coincides with the consumer price index, which dictates the annual adjustment of public pensions like basic pensions, civil servant pensions, academic pensions and military pensions.

The National Pension Service(NPS) also achieved its highest-ever rate of return last year, with profits reaching 100 trillion won and reserve funds surpassing one quadrillion won.

The thresholds for the “Standard Monthly Income” determining pension premiums are set to be adjusted as well, with the upper limit rising from five-point-nine million won to six-point-17 million while the lower limit will climb from 370-thousand won to 390-thousand won effective July.