Citizens aged 65 or older who are about to apply for the Basic Pension can check their eligibility in advance based on their income and assets. Using the welfare service simulation calculator operated by Bokjiro, one can calculate the recognized income amount and see in advance whether it meets the Basic Pension selection criteria.

[2026 Selection Criteria Amounts] The 2026 Basic Pension selection criteria are 2.47 million won per month for single-person households and 3.952 million won per month for couple households. The Basic Pension targets the bottom 70% of seniors aged 65 or older with relatively low income and assets, and the recognized income amounts of the applicant and their spouse must be at or below the selection criteria for the applicable household type.

However, eligibility for the Basic Pension is not determined by monthly benefits alone. In addition to earned income, business income, property income, and public transfer income are reflected, and housing, land, financial assets, automobiles, and debts also affect the calculation of the recognized income amount. Bokjiro's Basic Pension simulation calculator works by entering these income and asset items to check the expected recognized income amount. Whether one is actually selected as a beneficiary is determined after application through an income and asset investigation based on public records.

[How Recognized Income Is Calculated] The recognized income amount is calculated by adding the monthly income evaluation amount and the monthly income-converted value of assets. Basic deductions and additional deductions are applied to earned income, and separate deduction standards are applied to general assets and financial assets, respectively.

As of 2026, for regular employment income, 1.16 million won per month is first deducted, and 70% of the remaining amount is reflected in the income evaluation amount. For example, if earned income is 2 million won per month, the 70% rate is applied to 840,000 won, excluding 1.16 million won. In this case, the reflected earned income amount would be 588,000 won. However, since other income items may be added to the actual income evaluation amount, eligibility for the Basic Pension cannot be judged based on earned income calculations alone.

[Items Included in Income] Business income is also included in the assessment. Not only income from agriculture, forestry, and fisheries, but also rental income and income from various businesses such as wholesale, retail, and manufacturing are subject to calculation. Property income includes interest income and pension income.

Allowances, pensions, and benefits paid regularly under law, such as the National Pension and industrial accident compensation benefits, are reflected as public transfer income. However, lump-sum payments received are assessed as assets, not income. Income earned from public jobs, such as senior employment programs, employment programs for persons with disabilities, self-support work, and public work, is excluded from the earned income calculation.

[Asset Deductions and Income Conversion] When converting assets into income, different basic asset deduction amounts apply depending on the area of residence: 135 million won for large cities, 85 million won for small and medium-sized cities, and 72.5 million won for rural and fishing villages. Large cities include districts of special cities and metropolitan cities, urban-rural combined counties, and special self-governing cities. Small and medium-sized cities refer to cities belonging to provinces and Sejong Special Self-Governing City, while rural and fishing villages refer to counties belonging to provinces.

A deduction standard of 20 million won is applied to financial assets. The monthly income-converted amount of assets is calculated by deducting the regional basic asset amount from general assets, subtracting 20 million won from financial assets, and then reflecting recognized debts. The annual income conversion rate applied to general assets and financial assets is 4%. This is divided by 12 months to calculate the monthly income-converted amount, and the values of automobiles and membership rights, which are subject to separate standards, are additionally considered.

[Items Included in Assets] Asset items include not only houses, buildings, and land, but also jeonse and monthly rent deposits and commercial building deposits. Gifted assets, standing timber, fishery rights, cooperative member occupancy rights, pre-sale rights, aircraft, and ships are also subject to verification. Houses and buildings are entered based on the standard market value, and the standard market value is also applied to land. For cooperative member occupancy rights, the amount of the existing building's appraised value adjusted by the settlement money should be entered, and for pre-sale rights, the amount paid to date should be entered.

[Notes on Automobiles, Financial Assets, and Debts] For automobiles, the method of asset assessment may vary depending on the vehicle's value and type. In particular, high-priced automobiles valued at 40 million won or more are subject to a monthly income conversion rate of 100%. Some automobiles may be excluded from asset assessment or subject to an annual income conversion rate of 4%. Therefore, the same calculation method is not applied simply because one owns a vehicle.

The vehicle value is based on the social security vehicle standard value. However, in actual investigations, the amount may be adjusted depending on the vehicle's type and optional specifications, and this standard value is distinct from used car transaction prices or amounts used in automobile insurance business.

For financial assets, the amount entered by the applicant may also differ from the amount confirmed in the actual investigation. This is because the average balance within the last three months, final market value, or face value is reflected based on data confirmed through financial institutions' information systems.

Not all debts are recognized equally. Loans are processed according to established recognition scopes and exception standards, and separate conditions apply to rental deposits. To have rental deposits recognized as debts, owners of houses or commercial buildings must review the requirements related to the establishment of jeonse rights or fixed dates. Recognizable rental deposits are limited to 50% of the standard market value of the house or other property, and even if one owns multiple houses or commercial buildings, only one is recognized.

[Points to Check When Living in a House Owned by a Child] There are separate items to check when living in a house owned by one's child. If the standard market value of the house owned by the child one lives with is 600 million won or more, it may be subject to free rent income calculation. In this case, the standard market value of the house must be entered, and if the child co-owns the house with another person, the child's ownership share must also be indicated.

[Occupational Pension Recipients Excluded] When checking Basic Pension eligibility, whether one receives an occupational pension is also important. Those entitled to the Civil Servants Pension, Private School Teachers and Staff Pension, Military Pension, and Special Post Office Pension, as well as their spouses, are excluded from the Basic Pension.

[Other Welfare Programs That Can Be Checked Through Bokjiro's Simulation Calculator] Bokjiro operates a simulation calculator service that allows users to check in advance their eligibility for various welfare programs in addition to the Basic Pension. Checkable items include the National Basic Livelihood Security program, elementary, middle, and high school education cost support, disability allowance and disability child allowance, disability pension, single-parent family support, maternal and newborn health management, childcare services, youth monthly rent support, and asset formation support. By entering the income and asset information required for each program, users can self-diagnose whether they are likely to be eligible for support under the respective program.

Those who have applied for Bokjiro Membership, a customized benefit guide service, can also use a function to easily check applicable welfare services without entering separate information. However, the services available for application confirmed through Bokjiro Membership should be distinguished from the actual selection results of individual welfare programs. The Basic Pension simulation calculator is also a procedure for gauging eligibility before applying. If the income or assets identified by the applicant differ from what is confirmed through public records investigation, the simulation results may differ from the actual assessment results.

[How to Apply] Basic Pension applications can be made at eup, myeon, and dong offices, and related inquiries can be directed to the Ministry of Health and Welfare call center at 129 or the National Pension call center at 1355.

Ultimately, to determine Basic Pension eligibility for 2026, one must examine not only the selection criteria amounts according to household type, but also various items such as earned income deductions, regional asset deductions, financial assets and debts, and automobiles. Bokjiro's simulation calculator is a means of checking these conditions before applying, but the final determination is made based on the results of the investigation conducted after the actual application.

[This article was written based on Bokjiro's 2026 Basic Pension simulation calculator guide and income and asset assessment standards. Simulation results may differ from actual beneficiary selection results, and accurate eligibility is determined through public records investigation and assessment after application. AI assisted in part.]