As a parent nears 65 in Korea, the question comes up: "Have you applied for the basic pension?" It's easy to confuse with the national pension, but it's an entirely different scheme — you can receive it without ever paying a contribution.
2026 figures — aged 65+ with recognized income of ₩2.47M or less monthly for a single household, or ₩3.952M for a couple. The standard payment is up to ₩349,700 per month.
How it differs from the national pension
- National pension — social insurance based on your own contributions, requiring 10+ years.
- Basic pension — a welfare benefit funded by taxes, available with no contribution history if you meet income and asset tests.
You can receive both, though a large national pension may reduce the basic pension somewhat.
2026 eligibility
- Age — 65 or older. In 2026, those born in 1961 become newly eligible.
- Recognized income — ₩2.47M monthly for a single household, ₩3.952M for a couple
(up ₩190,000, about 8.3%, from 2025) - Korean nationality and residence in Korea
The threshold rises each year. If a parent was rejected before, it's worth reapplying — the 2026 figure is 8.3% higher than 2025.
"Recognized income" is the crux
It isn't just salary. It combines income plus assets converted into a monthly income figure.
- Income — employment, business and pension income, with deductions applied to earned income.
- Assets — housing, land and financial assets converted to monthly income, with debts subtracted.
- Basic asset deductions differ by region (large city, small city, rural).
It's too complex to judge yourself — use the basic pension simulator on Bokjiro (bokjiro.go.kr) first.
You must apply — it isn't automatic
- Timing — from one month before the month of the 65th birthday.
- ⚠️ No backdating. Months that pass before you apply are lost, so apply a month ahead.
- Where — regardless of address: ① community service center ② National Pension Service branch ③ Bokjiro online.
- For those with mobility difficulties, the NPS offers a home visit service (call 1355).
- Bring — ID, bank account details, income and asset declaration, financial information consent form.
How much is paid
The 2026 standard amount is up to ₩349,700 monthly — though not everyone receives the maximum:
- Couples both receiving get 20% less each
- A large national pension can reduce the amount
- Recognized income near the threshold may mean a partial payment
FAQ
Does owning a home disqualify you?
No. Housing is converted into the asset calculation, with basic deductions applied. Many recipients own homes.
Can you receive it alongside the national pension?
Yes, though the basic pension may be adjusted based on the national pension amount.
Do children's incomes count?
Assessment is based on the applicant and spouse.
Can you reapply after being rejected?
Yes. Thresholds rise annually and circumstances change, so reapplying later is worthwhile.
The basic pension only arrives if you apply. Mark the calendar one month before a parent's 65th birthday.
This is general 2026 information. Thresholds and amounts are set annually and depend on individual circumstances — check the Bokjiro simulator or call the National Pension Service at 1355.
