Early old-age pension
An early old-age pension can be claimed before the ordinary qualifying age once certain conditions are met — at the cost of a reduction, priced at a set rate for every month claimed early.
What the early old-age pension is
Under article 61(2) of the National Pension Act, an insured person with at least 10년 of insurance service may elect to claim before the ordinary qualifying age (article 61(1)’s 60 years) — as early as 55 years.
The reduction is priced per month
Article 63(2) reduces the pension for claiming early. The earlier the claim — the further from 60 years — the larger the cut, at a rate of 0.5% for every month. Claimed at the earliest possible point, 55 years, the reduction reaches 30%.
No provision restoring the pension to its unreduced level was found in article 61 or 63, which suggests the reduction stays in place — but that is an inference from an absence, not a confirmed reading, and it is worth an authoritative check before relying on it.