SEOUL, Mar. 19 (Korea Bizwire) — Senior citizens whose monthly earnings are in the lowest 20 percent range will be eligible for increased basic pension starting next month, the government said Tuesday.
The Ministry of Health and Welfare said about 1.5 million people aged 65 or older will be eligible to receive 300,000 won (US$265) in pension benefits per month from April.
The earnings taken into account include pay from work, interest and other financial income.
The ministry said those making the least are entitled to the full amount, although some adjustments will be made to reflect overall earnings, resulting in people being paid 50,000 won less per month.
The eligibility and the level of the benefits are adjustments to the existing payouts of 250,000 won for those with monthly income in the lowest 70 percent, which began in September last year, officials said.
The ministry said it aims to increase the number of elderly people that can benefit from the basic pension. It said in 2020, seniors in the lower 40 percent in terms of earnings will get extra support, and this will be expanded to the lowest 70 percent by 2021.