The monthly contribution to the national pension for subscribers earning more than five-point-nine million won, or some four-thousand-500 U.S. dollars, per month will increase by 33-thousand-300 won this summer.

The Ministry of Health and Welfare held a committee meeting on Friday and decided to raise the monthly income bracket used for pension assessment based on an average increase of six-point-seven percent in subscribers' income over the past three years.

The bracket currently capped at five-point-53 million will rise to five-point-nine million won, while the lower limit climbs from 350-thousand to 370-thousand won.

With the contribution rate set at nine percent of monthly income, this means people earning less than the bottom limit will still pay nine percent of 370-thousand won while those earning more than the upper limit will only pay nine percent of five-point-nine million won. 

The revision is expected to increase the monthly contribution of some two-point-six million subscribers, and will take effect for a year from July to June of next year as income appraisals are conducted annually.