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[VIDEO NEWS] National pension increases by $5 a month

Jan 16,2019
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1) The national pension will increase by 5,690 won ($5) per month starting this January.

2) “In the most recent cabinet meeting, [we have decided to] change when the national pension will adjust to account for the rate of price fluctuations in goods.” - Roh Tae-kang, vice minister of the Ministry of Culture, Sports and Tourism

3) “The application period for the average income of all registered members, needed for new applicants to calculate their pension, and the rate of revaluation will adjust from between April and March [the original time period] to the January to December period.”

4) “This was to come up with a fair fiscal plan for both new and old subscribers.”

Video sourced from JoongAng Ilbo
Video produced by Wang Jun-yeol
Translated by Chung Yu-soo
Edited by Hoyeon Yoo