The Basic Pension eligibility threshold for 2026 will be raised. Individuals with a recognized income at or below 2.47 million won per month for single-person households and 3.952 million won for married couples will be included in the Basic Pension eligibility. As elderly citizens who were not previously eligible can now newly benefit from the program, the retirement safety net is expected to expand significantly.

Eligibility, Key Summary

• Target: Adults aged 65 and older whose recognized income falls at or below the eligibility threshold
• 2026 Eligibility Threshold: Single-person households 2.47 million won/month · Married couples 3.952 million won/month
• Payment Method: Cash payment every month
• Responsible Ministry: Ministry of Health and Welfare

According to the Ministry of Health and Welfare, the Basic Pension is a representative welfare system that supplements retirement income, paid to seniors aged 65 and older whose recognized income is at or below the government-set eligibility threshold.

How Is Recognized Income Calculated?

Recognized income is calculated by combining the 'evaluated income' and the 'income-converted value of assets.'

• ■ Evaluated Income
• Reflects various types of income including employment income, pensions, and business income
• In 2026, 1.16 million won will be deducted from employment income, and only 70% will be reflected
• Other income is added to calculate the evaluated income

• ■ Income-Converted Value of Assets
• A certain amount is first deducted from assets as a basic deduction, and then an income conversion rate is applied to convert it into monthly income
• Basic asset deduction amount (varies by region):
• - Major cities and special cities: 135 million won
• - Mid-to-small cities: 85 million won
• - Rural areas: 72.5 million won
• Financial assets: 20 million won deducted before applying the income conversion rate
• Luxury vehicles and memberships, unlike general assets, are subject to a 100% monthly income conversion rate, which can significantly affect the recognized income calculation.

Occupational Pension Recipients Principally Excluded... With Exceptions

Not all seniors aged 65 and older can receive the Basic Pension. Recipients of occupational pensions such as the Civil Servants' Pension, Private School Pension, Military Pension, and Special Post Office Pension, as well as their spouses, are principally excluded from the payment scope.

However, there are exceptions. Those who receive a linked retirement pension with an occupational pension service period of less than 10 years, those who have received a certain lump sum payment and five years have elapsed, former recipients of the basic old-age pension, and special recipients of the disability pension who meet certain requirements may be included in the Basic Pension payment scope.

Why Is This Important?

The Basic Pension is evaluated as a key welfare policy for alleviating poverty among the elderly and securing their purchasing power. According to analysis by Statistics Korea and the Ministry of Health and Welfare, the proportion of public transfer income in elderly household income continues to expand, and the Basic Pension plays a fundamental safety net role in retirement life.

In particular, amid persistently high inflation and living cost burdens, raising the eligibility threshold has the effect of increasing the likelihood that some seniors who were previously excluded can newly receive benefits.

How and When to Apply

• Where to Apply: Community centers nationwide, National Pension Service branch offices
• Online: Internet application available through Bokjiro (www.bokjiro.go.kr)
• When to Apply: Applications can be made starting one month before the month of one's 65th birthday
• Review: Eligibility for payment is finalized after income and asset investigations.

The government intends to continuously improve the Basic Pension system in a direction that strengthens the stable income base for seniors in response to an aging society and reduces welfare blind spots.

[This article was written with AI assistance. This article was written to help explain the system, and individual eligibility may vary depending on income and asset investigation results and relevant laws and regulations. For final details, please consult the guidance of relevant authorities.]