Korea's Basic Pension is easily confused with the National Pension, but it is a different thing entirely: you can receive it having never paid a contribution.
1. How much is it. The base amount is ₩349,700 a month (Basic Pension Act art. 5(2)). You can receive it having never paid a contribution — it is a different scheme from the National Pension entirely.
2. Do I qualify. At 65 or over, with recognised income at or below ₩2,470,000 a month for a single household or ₩3,952,000 for a couple (art. 3(1)). Couples lose twice — the per-person threshold is 80% of the single one (our calculation), and the payment is then cut by 20% (art. 8(1)).
3. How do I apply. It is not automatic. Turning 65 pays nothing unless you apply — go to your local community service centre or a National Pension Service branch. And there are four ways payment stops once it has started.
Do I qualify — single and couple thresholds
| Household | Monthly recognised income | Per person | vs single |
|---|---|---|---|
| Single | ₩2,470,000 | ₩2,470,000 | 100% |
| Couple | ₩3,952,000 | ₩1,976,000 | 80.0% |
Exactly 1.6 times (3,952,000 ÷ 2,470,000 = 1.6, our calculation), which is 80% per person.
And the reduction when both members of a couple receive it is also 20% (art. 8(1)). The threshold to get in is 20% lower, and the money paid out is 20% lower — the same ratio in both places.
A couple each receive 349,700 × 80% = ₩279,760, or ₩559,520 between them (our calculation) — 1.6 times a single recipient's ₩349,700.
How does it differ from the National Pension
- National Pension — social insurance funded by your own contributions, requiring ten insured years. Its structure is in our National Pension guide.
- Basic Pension — defined in the source as “a scheme under which the state pays a monthly pension to nationals of a certain age meeting set requirements, to support the livelihood and welfare of older people” (art. 1). No contribution history is needed.
You can receive both. But drawing the National Pension changes the formula — worked through below.
How much comes out — working the formula
The source (arts. 5(4)–5(7)) splits recipients into three groups.
| Group | Basic Pension amount |
|---|---|
| Also drawing the old-age pension | ① base amount − ② + ③ supplement ② = income-redistribution benefit × 2/3 ③ = base amount × 1/2 if “① − ②” is below zero it is treated as zero |
| Drawing a linked old-age pension | ② becomes (income-redistribution benefit + linked retirement pension × 1/2) × 2/3 |
| Neither | the base amount, unchanged |
The supplement ③ is 349,700 ÷ 2 = ₩174,850, so ① + ③ = ₩524,550 — above the base amount. That triggers article 7: “where the calculated amount exceeds the base amount, the base amount shall be the Basic Pension amount.”
Which lets us work backwards. Since ① + ③ already exceeds the cap, ② must exceed ₩174,850 before the Basic Pension is reduced at all.
As ② = income-redistribution benefit × 2/3, that means an income-redistribution benefit above ₩262,275 (our calculation).
“Drawing the National Pension cuts your Basic Pension” is only half true — below that line you receive the full amount.
We stop there. The income-redistribution benefit depends on individual contribution history, and this page gives no method for computing it, so this article states no “your pension is cut above ₩X” figure.
One thing in the source that does not add up
The same passage says: “for a person aged 65 or over whose recognised income is 40% or below, the base amount shall be ₩300,000” (art. 5-2(1)).
That is ₩49,700 below the ordinary base amount of ₩349,700 — read literally, a lower payment for someone worse off.
And the sentence never says 40% of what. We reproduce it without interpreting it, and list it under “What we could not verify.”
What is “recognised income”
It is not just salary. The source defines it as “the sum of the assessed income and the income conversion of assets, for the person and their spouse” (art. 2(4)).
- Assessed income — employment, business and pension income
- Income conversion of assets — housing, land and financial assets converted into a monthly income figure
- The sum of the two must fall at or below the thresholds above
The conversion rates and basic asset deductions are not on this page — they sit in a separate ministerial notice. Use the Bokjiro simulator rather than guessing.
How do I apply
| Item | What the source says | Authority |
|---|---|---|
| Where to apply | A local community centre or a National Pension Service branch (Bokjiro online also works) | arts. 10(1), 28(2)1 |
| Payment starts | “from the month in which the application is made” | art. 14(1) |
| Payment date | The 25th of each month, to the recipient's own account | Enforcement Rule art. 9(1) |
“From the month of application” is the point. Turning 65 without applying simply loses those months — there is no backdating.
Can payment stop once it starts
The source (art. 16, Enforcement Decree art. 18) lists four. Payment stops from the month after the cause arises until the month it ends.
- Confined in a correctional or treatment facility after a sentence of imprisonment or heavier
- Presumed dead after a missing-person report and a period without confirmation of survival
- Staying outside Korea for 60 consecutive days or more — the 60th day is the trigger date
- Registered as being of unknown residence (unless the actual address is known)
The 60-day rule catches people out. Extended visits to children living abroad are common, and two months crosses the line.
Questions that remain
Can a couple both receive it?
Yes — the source answers directly: “if both spouses meet the requirements, both may receive it.” But each amount is reduced by 20%, to ₩279,760 (our calculation).
Can I receive it while drawing the National Pension?
Yes. The formula changes, but the reduction only begins once ② exceeds ₩174,850 — so a modest National Pension leaves the Basic Pension intact.
Does owning a home disqualify me?
No. Housing enters only as an income conversion of assets. The conversion rate and basic deduction are in a separate notice not covered here.
Is my children's income counted?
The definition covers “the person and their spouse.” Children are not included.
I was rejected — can I apply again?
Thresholds are set annually and circumstances change. But we could not confirm from this page that they rise every year — only the 2026 figures appear.
Sources
- Ministry of Government Legislation — agency source — Easy Law, “Retirement planning and pension schemes > Basic Pension” (page dated 15 June 2026). Source for the thresholds of ₩2,470,000 and ₩3,952,000, the ₩349,700 base amount, all three calculation formulas, the one-half supplement, the 20% couple reduction, the four suspension grounds, where to apply, the 25th-of-the-month payment and the definition of recognised income — each with its statutory citation.
- National Pension Service — agency source — “Pension benefits — benefit calculation” (checked 30 July 2026). Establishes that the income-redistribution benefit refers to National Pension Act art. 51(1)1, the A value, and gives the 2026 figure of ₩3,193,511.
- Our own calculation — the couple threshold per person at 80.0% of single, the 1.6 ratio, the ₩174,850 supplement, ① + ③ = ₩524,550, the ₩174,850 / ₩262,275 reduction thresholds and the ₩279,760 and ₩559,520 couple figures.
Where to check further
- What your own recognised income actually is. It combines assessed income and the income conversion of assets, and the exclusions and conversion rates are involved enough that we do not compute it here — Bokjiro's Basic Pension simulator and the National Pension Service (1355) run it on your figures. What each item counts as can be previewed in the Basic Pension income test calculator — earnings lose 1.16m and count at 70 percent, a luxury car counts whole.
- How much the National Pension linkage reduces the payment. The source records that a reduction exists and no more — the Service (1355) will apply your own National Pension amount and give the resulting figure.
- Next year's eligibility threshold. It is reset each year by ministry notice — the Ministry of Health and Welfare notice and Bokjiro publish it early in the year, worth rechecking if you are near the line.
As of July 2026, using a source page dated 15 June 2026. The amounts, formulas and statutory citations are the Easy Law text; the ratios, conversions and thresholds are our arithmetic. Outcomes depend on individual recognised income — use the Bokjiro simulator and the National Pension Service helpline (1355). For the contributory scheme see our National Pension guide, for the whole structure the three-tier pension, for timing early versus deferred, and for the wider plan retirement preparation by age.
