Basic Pension: Who Qualifies and What You Get
Learn if you qualify for monthly pension payments and how to apply for this financial support for seniors in South Korea.
The Basic Pension is a monthly payment provided to certain senior citizens to help support their daily living expenses.
Who it's for
This scheme is available to citizens who are aged 65 or older. To qualify, your personal income and assets must fall below a specific threshold, specifically below the 70th percentile.
What you get
If you qualify, you will receive a monthly payment to assist with your finances. The amount can be up to ₩334,810 per person.
What it costs you
There is no fee to apply for this support. To complete the process, you will need to visit your local community center in person. You must bring your identification and your bank book to facilitate the payments.
The catch to know
It is important to monitor your financial situation. If your income level changes significantly, you are required to re-apply to ensure you still meet the eligibility criteria.
How to apply
- Visit your local community center to submit your application.
- Provide your identification and bank book for processing.
- Monitor your status through the official portal.