National Pension Service (Regional Subscriber): Who Qualifies and What You Get
Learn how freelancers and self-employed individuals in South Korea can secure their future through the National Pension Service.
This scheme allows self-employed individuals and freelancers to contribute to a national fund to ensure financial security during retirement.
Who it's for
This is designed for freelancers and people who are self-employed. To qualify, you must be between the ages of 18 and 60.
What you get
By participating, you build security for your later years through a pension. The scheme also provides benefits in the event of a disability or to survivors.
What it costs you
You are required to pay monthly premiums. The amount you pay each month is calculated as 9% of your reported income.
The catch to know
If you are an employee, your employer usually pays half of your pension costs. As a regional subscriber, you are responsible for paying the full 9% yourself.
How to apply
- Determine your eligibility based on your age and employment status.
- Calculate your monthly premium based on your reported income.
- Register through the official pension service channels.
- Set up your regular monthly payments.
For more details, visit the official portal: https://www.nps.or.kr