Old-age pension — FAQ
Answers to common questions about Korea’s National Pension old-age pension, drawn from the National Pension Act. Anything not yet confirmed is stated as such rather than guessed at.
When can the old-age pension be claimed?
It depends on year of birth. Article 61(1) sets the ordinary rule at 60 years, but a 1998 reform steps that age upward by birth-year cohort, reaching 65 years for anyone born in 1969 or later. The full table is on the qualifying age page.
Can I qualify on insurance service alone?
No. No provision in article 61 offers a route to the pension on insurance service alone, regardless of age. You need both the qualifying age and at least 10년 of insurance service.
How is the amount worked out?
A national average-income figure (A-value) is added to the claimant’s own average income (B-value), and the sum is multiplied by a coefficient of 1.29 to reach the basic amount. What is actually paid is a share of that basic amount, or the whole of it, depending on insurance service. The full structure is on the how the amount is worked out page.
Can this site calculate my pension amount?
No. The A-value and B-value depend on individual earnings history and change every year; both are notified individually by the National Pension Service. This site explains the structure — it is not a calculator.
Can I claim early?
Yes — with at least 10년 of insurance service, you may claim from 55 years. It costs a reduction of 0.5% for every month claimed early, reaching 30% at the earliest possible claim. Details are on the early old-age pension page.
Is there a maximum or a minimum?
Article 53 states a maximum, but this site does not apply it in any figure shown here. Reviewing articles 51 through 63, no separately-stated minimum pension was found either.