Seniors in bottom 20% income group to get more basic pension from April

By Yonhap

Published : Feb. 27, 2019 - 10:51

Senior citizens with 50,000 won ($44.70) or less in monthly income will be eligible for increased basic pension from April, the welfare ministry said Wednesday.

People aged 65 or older whose monthly earnings are in the lowest 20 percent range can receive 300,000 won in pension benefits per month, according to the ministry. The eligibility and the amount of the benefits are adjustments to the existing payouts of 250,000 won for those with monthly income in the lowest 70 percent, which began in September last year.

(Yonhap)

Elderly couples whose total income is 80,000 won or under will also be eligible.

The measured earning includes pay from work, interest and other financial income. (Yonhap)