The Basic Pension is a representative old-age income security system designed to support a stable post-retirement life for seniors aged 65 and older.

Although the National Pension system has been in effect since 1988, many elderly individuals either had short enrollment periods or were not covered, leaving numerous cases where they could not receive sufficient pension benefits. Accordingly, the government introduced the Basic Pension to help stabilize the livelihoods of elderly citizens who had inadequate retirement preparation during the country's development process. It provides a safety net that strengthens the foundation of retirement income, alongside the National Pension, for those who meet certain income and asset criteria.

Eligibility

Applicants for the Basic Pension must be aged 65 or older, hold Republic of Korea nationality, and be registered residents in the country. They must be domestic residents as defined by the Resident Registration Act, and overseas Korean residents with resident registration are excluded from eligibility.

Application Methods and Period

Applications can be submitted at local community centers (eup, myeon, and dong), administrative welfare centers, and National Pension Service branches nationwide. For those who have difficulty visiting in person, online applications are also available through the Bokjiro platform.

There is no separate application period; applications are accepted year-round. However, in the year one turns 65, an application can be submitted up to one month prior to the month of one's birthday.

If it is difficult to apply in person, a proxy application is also possible. Spouses, children, siblings, relatives within the eighth degree of kinship, relatives by marriage within the fourth degree, and heads of social welfare facilities, among others, may apply as proxies.

In Case of Ineligibility Determination

Even if an applicant is deemed ineligible during the application process because they do not meet the payment criteria, applying for the 'Benefit Aspiration History Management' system can be helpful. Under this system, income and assets are re-examined annually for up to five years, and applicants can receive guidance on reapplying if they are likely to become eligible.

Future Outlook

The government explained that the Basic Pension plays a role in supporting the retirement lives of the elderly while strengthening the old-age income security system in conjunction with the National Pension. As the number of generations with longer National Pension enrollment periods increases, the retirement security system utilizing both schemes is expected to expand further.

[※ This article was written using AI. The details of the system were compiled based on publicly available materials from relevant authorities. Eligibility and detailed criteria may vary depending on individual income, assets, and residency requirements. Please be sure to check the latest announcements and guidance from relevant authorities before applying.]