National Pension Service (Self-Employed): Who Qualifies and What You Get
Learn how self-employed individuals in South Korea can secure monthly pension payments for retirement through this national scheme.
The National Pension Service (Self-Employed) is a government program designed to provide financial security for individuals working for themselves. It helps you build savings that are paid out to you as a regular income once you reach retirement age.
Who it's for
This scheme is available to self-employed individuals who are between the ages of 18 and 60.
What you get
When you reach retirement age, you will receive regular monthly pension payments to help support you financially.
What it costs you
The cost is calculated as 9% of your declared monthly income.
The catch to know
The amount of money you receive in the future depends on the income level you report now. If you under-report your income to pay less today, your future pension payments will be smaller.
How to apply
- Review your declared monthly income to ensure it accurately reflects your earnings.
- Contact the national pension service to register your status.
- Set up your monthly contribution payments.
- Visit the official portal for more details: https://www.nps.or.kr