How much does Korea’s National Pension shrink if you take it early, and how much does it grow if you defer? Article 63(2) of the National Pension Act multiplies an early old-age pension by 700, 760, 820, 880 or 940 per 1,000 by claim age, adding 5 per 1,000 for each month the claim comes later. Article 62(2) adds 6 per 1,000 for every month deferred. Defer the full 5 years (60 months) and the rate is 1,360 per 1,000, or 136% (our sum). And before any of these rates apply, Article 63(1)2 cuts the basic pension when the insured period is under 20 years. Enter the basic pension, insured period and the months you bring forward or defer, and the calculator shows the monthly amount in the order the articles set out.
1. Early = 700 per 1,000 (70%) at five years early, 760 at four, 820 at three, 880 at two, 940 at one (Art. 63(2)). Months in between add 5 per 1,000 each.
2. Deferral = 6 per 1,000 a month (Art. 62(2)), so 136% after 60 months. You can also defer only 50, 60, 70, 80 or 90% (Art. 62(3)).
3. With 10–20 insured years it is cut first — 500 per 1,000 of the basic pension plus 50 per 1,000 for each year over 10 (Art. 63(1)2). 15 years gives 75%.
Calculator
Results update as you type. Fractions of a won are dropped at each step (our method). Indexation under Art. 51(2), the cut for working (Art. 63-2) and any deferral addition on the dependant pension are not counted — the dependant pension is added as it is (our reading). Check your actual basic pension with the National Pension Service.
The two articles — text
| Provision | What the text says | Points to note (our gloss) |
|---|---|---|
| Art. 63(1) | The old-age pension is … 1. with 20 or more insured years: the basic pension; 2. with 10 to under 20 years: 500 per 1,000 of the basic pension plus 50 per 1,000 of it for each year over 10 (each month under a year counted as 1/12 year) … plus the dependant pension | 10 years 50% → 15 years 75% → 20 years 100%, months in twelfths |
| Art. 63(2) | The early old-age pension is the old-age pension excluding the dependant pension, multiplied by the rate for the claim age (adding 5 per 1,000 for each month where the claim date is in or after the month following the month the age is reached), plus the dependant pension — 55: 700, 56: 760, 57: 820, 58: 880, 59: 940 per 1,000 | The dependant pension isn’t cut. Ages 55–59 are before the supplementary addition |
| Art. 62(1) | An old-age pension holder aged 60 to under 65 … who wishes to defer may defer all or part of the pension for the period until 65. | 60 and 65 also take the 1–5 year addition — 65 to 70 for people born in 1969 or later |
| Art. 62(2) | … the old-age pension (excluding the dependant pension) adjusted under Art. 51(2), plus 6 per 1,000 of that amount for every month deferred | 72 per 1,000 a year = 7.2% (our sum) |
| Art. 62(3)(4) | A partial deferral is one of 500, 600, 700, 800 or 900 per 1,000 of the pension. Afterwards the pension is the undeferred amount plus the deferred amount with 6 per 1,000 added per month | The rest keeps being paid during the deferral |
Rate table by month — our sum
| Months | Early | Deferred |
|---|---|---|
| 12 months (1 year) | 940 per 1,000 | 1,072 per 1,000 |
| 24 months (2 years) | 880 per 1,000 | 1,144 per 1,000 |
| 36 months (3 years) | 820 per 1,000 | 1,216 per 1,000 |
| 48 months (4 years) | 760 per 1,000 | 1,288 per 1,000 |
| 60 months | 700 per 1,000 | 1,360 per 1,000 |
On the early side the calculator takes “months brought forward × 5 per 1,000” off 1,000. Article 63(2) works from the rate for each age plus 5 per 1,000 for each month claimed after the month the age is reached: claiming 6 months after reaching the five-years-early age gives 700 + 30 = 730 per 1,000, the same as 54 months early (1,000 − 5 × 54 = 730). At every 12-month step both ways give the same value (our sum, confirmed in the calculator check). Deferral is 6 per 1,000 a month, as in Article 62(2).
With 10–20 insured years — two multiplications
Article 63(2) applies the early rate to “the old-age pension under paragraph 1 excluding the dependant pension”. So with under 20 insured years the pension is first cut under paragraph 1, item 2, and then multiplied by the early rate. With a basic pension of 1 million won and 15 insured years the old-age pension is 500 + 50 × 5 = 750 per 1,000, or 750,000 won; with 15 years 6 months, the 6 months count as 6/12 year, giving 775 per 1,000, or 775,000 won. Bring the 15-year pension forward 60 months and it is 750,000 × 0.7 = 525,000 won (our sum).
Six examples — basic pension 1 million won (our examples)
| Example (ours) | Monthly | Points to note (our gloss) |
|---|---|---|
| 20 years, at the pension age | 1,000,000 won | Baseline |
| 20 years, 60 months early | 700,000 won | 700 per 1,000 for life |
| 20 years, 24 months early | 880,000 won | Two years early = 880 per 1,000 |
| 20 years, all deferred 60 months | 1,360,000 won | Nothing paid during the 5 years |
| 20 years, 50% deferred 60 months | 500,000 won during, then 1,180,000 won | 500,000 + 500,000 × 1.36 |
| 15 years, 60 months early | 525,000 won | 750,000 × 0.7 |
A full deferral makes up the 60 months not received (60 million won, our sum) with 1,360,000 − 1,000,000 = 360,000 won more each month. 60 million ÷ 360,000 ≈ 167 months, about 14 years; for someone born in 1969 or later who starts at 70, that is around 84 (our sum, without indexation). For which side is ahead over time, see the comparison in our National Pension estimate calculator and early vs deferred guide.
What the calculator leaves out
- Indexation — Art. 62(2) and (4) add to “the amount adjusted under Article 51(2)”. Yearly price adjustment isn’t included.
- Fractions under 10 won — National Pension Act Art. 117 applies the National Treasury Management Act to fractions under 10 won, and its Art. 47(1) says they are not counted (checked 9 November 2026). The calculator cuts at the won, so the actual payment can end up to 9 won lower at the 10-won level (our reading).
- Dependant pension — for early claims Art. 63(2) adds it without the rate; for deferral Art. 62(2) excludes it from the addition. Adding it unchanged after a deferral is our reading. Amounts are in our dependant pension guide.
- The cut for working — Art. 63-2; see working pension reduction.
- From what age — pension age by birth year and the early and deferral dates are in our start age calculator.
Checklist
- ☐ Check your basic pension and insured period with the Service
- ☐ Under 20 years, allow for the old-age pension being cut first
- ☐ Early claims only while not in work with income (Art. 61(2))
- ☐ Defer all, or 50–90%
- ☐ The cut or the addition lasts for life — weigh it with health and other income
Questions that remain
What if I change my mind after claiming early?
The Service’s guidance on suspending an early pension (insured periods before and after combined, 0.5% off per month already received) is copied in our pension gap guide. The calculator doesn’t cover it.
Do I pay more contributions while deferring?
Article 62 defers payment and says nothing about contributions. Paying in until 65 to lengthen the insured period is covered in voluntary continued membership.
Why 5 per 1,000 one way and 6 the other?
The text sets them that way, and that is as far as the original goes. Per year it is 6% for early and 7.2% for deferral (our sum).
Sources
- Korea Law Information Center — National Pension Act — text (current version, in force 20 Oct 2026, Act No. 22096; checked 9 November 2026). Art. 51(1) (basic pension), Art. 61 (old-age pension), Art. 62(1)–(4) (deferral addition), Art. 63(1)(2) (old-age pension amount), Supp. Provisions of Act No. 11143 Art. 6 and Act No. 13100 Art. 4 (deferral age).
- Not read. The yearly adjustment method in Art. 51(2), the article on suspending an early pension (only the Service guidance is quoted), the Enforcement Decree’s deferral procedure.
- What we added. The rate table, six examples, the break-even sum, the calculator.
Where to check further
- National Pension Service — your basic pension and insured period, early and deferral applications.
- Tax — income tax on pensions in our pension withdrawal tax guide.
Written on 9 November 2026. The content follows the original texts; the glosses are ours.
