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ENFORCEMENT DECREE OF THE BASIC PENSION ACT

Presidential Decree No. 25427, jun. 30, 2014

Amended by Presidential Decree No. 26684, Nov. 30, 2015

Presidential Decree No. 27252, jun. 21, 2016

Presidential Decree No. 27389, Jul. 26, 2016

Presidential Decree No. 28150, jun. 27, 2017

Presidential Decree No. 29124, Aug. 28, 2018

Presidential Decree No. 29660, Mar. 26, 2019

Presidential Decree No. 29950, Jul. 2, 2019

Presidential Decree No. 30481, Feb. 25, 2020

Presidential Decree No. 30760, jun. 9, 2020

Presidential Decree No. 30893, Aug. 4, 2020

 Article 1 (Purpose)
The purpose of this Decree is to prescribe matters delegated by the Basic Pension Act and matters necessary to enforce said Act.
 Article 2 (Scope of Incomes)
(1) The scope of incomes for assessing amount of income prescribed in the latter part of subparagraph 4 of Article 2 of the Basic Pension Act (hereinafter referred to as the "Act") shall be as follows: <Amended on Nov. 30, 2015; Jun. 21, 2016; Aug. 28, 2018; Jun. 9, 2020>
1. Wage and salary income: Wage and salary income prescribed in Article 20 (1) of the Income Tax Act: Provided, That excluded herefrom shall be wage and salary income non-taxable prescribed in subparagraph 3 of Article 12 of the Income Tax Act, but the following pay shall be included in the wage and salary income:
(a) An allowance which is non-taxable under subparagraph 3 (q) of Article 12 of the Income Tax Act;
(b) A remuneration which is non-taxable under Article 16 (1) 1 of the Enforcement Decree of the Income Tax Act;
2. Business income: Business income prescribed in Article 19 of the Income Tax Act;
3. Property income:
(a) Interest income: Income of which is at least the amount determined and publicly notified by the Minister of Health and Welfare among interest and dividend or discounted value accrued from the financial assets that fall under Article 14 (1) 1 (a) through (e);
(b) Pension income: Pensions and incomes prescribed in Article 20-3 (1) 2 and 3 of the Income Tax Act and incomes accrued from pension insurance referred to in Article 4 (1) 1 (b) of the Insurance Business Act;
4. Public transfer income: Various allowances, pensions, salaries or other money and valuables periodically paid under the National Pension Act; the Public Officials Pension Act; the Public Officials' Accident Compensation Act; the Military Pension Act; the Military Accident Compensation Act; the Special Post Offices Act; the Pension for Private School Teachers and Staff Act; the Industrial Accident Compensation Insurance Act; the Act on Aggregation of National Pension and Occupational Pensions; the North Korean Refugees Protection and Settlement Support Act; the Act on the Honorable Treatment of Persons of Distinguished Service to Independence; the Act on the Honorable Treatment of and Support for Persons, etc. of Distinguished Service to the State; the Act on Assistance to Patients Suffering from Actual or Potential Aftereffects of Defoliants, etc. and Establishment of Related Organizations; the Act on Honorable Treatment of War Veterans, etc., and Establishment of Related Associations, and any other Act and subordinate statutes determined and publicly notified by the Minister of Health and Welfare: Provided, That the following allowances shall be excluded herefrom:
(b) Costs of living allowances, nursing allowances, and allowances for military merit honor paid under Articles 14, 15 and 16-2 of the Act on the Honorable Treatment of and Support for Persons, etc. of Distinguished Service to the State;
(2) Where the principal or his/her spouse resides in a house owned by a lineal descendant within the first degree (limited to where the price of the house is at least the amount determined and publicly notified by the Minister of Health and Welfare), the amount calculated according to the method prescribed by Ordinance of the Ministry of Health and Welfare shall be deemed income and included in the scope of the income prescribed in paragraph (1).
 Article 3 (Scope of Property)
(1) The scope of property for assessing amount of the income-equivalent of property prescribed in the latter part of subparagraph 4 of Article 2 of the Act shall be as follows:
1. General property:
(a) Standing timber defined in subparagraph 11 of Article 6 of the Local Tax Act;
(b) Fishing rights defined in subparagraph 13 of Article 6 of the Local Tax Act;
(c) Memberships defined in subparagraphs 14 through 18 of Article 6 of the Local Tax Act;
(d) Occupation right of an association member prescribed in Article 89 (2) of the Income Tax Act;
(e) Land, buildings, and housing defined in subparagraphs 1 through 3 of Article 104 of the Local Tax Act: Provided, That property owned by a clan; property jointly owned by a community; and other similar property used for common purposes shall be excluded herefrom;
(f) Deposits for leasing houses, stores, buildings, etc. (including deposits for lease on a deposit basis);
(g) The right to acquire a building and appertinent land when the construction of the building is completed (excluding the occupation right of an association member referred to in item (d));
(h) Aircraft and ships defined in subparagraphs 4 and 5 of Article 104 of the Local Tax Act;
(i) Automobiles defined in Article 124 of the Local Tax Act: Provided, That automobiles owned by persons, etc. of distinguished services to the State rated on disability under the Act on the Honorable Treatment of and Support for Persons, etc. of Distinguished Service to the State, automobiles owned by persons with disabilities registered under the Act on Welfare of Persons with Disabilities, and automobiles that fulfill the criteria determined and publicly notified by the Minister of Health and Welfare among automobiles nontaxable under Article 4 (1) of the Restriction of Special Local Taxation Act shall be excluded herefrom;
2. Financial assets:
(a) Financial assets defined in subparagraph 2 of Article 2 of the Act on Real Name Financial Transactions and Confidentiality;
(b) Insurance products defined in subparagraph 1 of Article 2 of the Insurance Business Act;
3. Among assets falling under subparagraphs 1 and 2, property that has been donated to a third party or disposed of as of July 1, 2011 (excluding where it is proven that the amount of money acquired by disposal of property has been spent for the principal or his/her spouse, such as the purchase of any other property, redemption of debts, and payment of medical expenses).
(2) Methods of calculating property value defined in paragraph (1) shall be prescribed by Ordinance of the Ministry of Health and Welfare.
 Article 4 (Criteria for Income Threshold, etc.)
(1) The amount determined and publicly notified by the Minister of Health and Welfare pursuant to Article 3 (1) of the Act (hereinafter referred to as "income threshold") and the amount determined and publicly notified by the Minister of Health and Welfare pursuant to Article 5-2 (2) of the Act (hereinafter referred to as "income threshold for identifying low-income individuals") shall be calculated, based on the level of income and property as well as actual life conditions of a person of at least 65 years of age and his/her spouse (hereafter in this Article, referred to as "senior citizen household"). <Amended on Mar. 26, 2019>
(2) The income threshold for a senior citizen household residing with a spouse and income threshold for low-income individuals shall be calculated by multiplying the income threshold for a senior citizen household living without a spouse and income threshold for identifying low-income individuals by 160/100. <Amended on Mar. 26, 2019>
(3) Notwithstanding paragraph (2), the income threshold for a senior citizen household living without a spouse and income threshold for identifying low-income individuals shall apply where it is impracticable to investigate or inquire, as prescribed in Article 11 of the Act because of the absence of the spouse's personally identifiable information, such as a resident registration number prescribed in Article 7-2 (1) of the Resident Registration Act, alien registration number prescribed in Article 31 (5) of the Immigration Act, and registration number for the registration of real estate assigned under Article 49 (1) 2 of the Registration of Real Estate Act. <Amended on Jun. 27, 2017; Aug. 28, 2018; Mar. 26, 2019>
(4) The income threshold and income threshold for identifying low-income individuals for the relevant year shall be determined and publicly notified by the Minister of Health and Welfare and shall apply from January 1 to December 31. <Amended on Mar. 26, 2019>
(5) In determining the income threshold and income threshold for identifying low-income individuals pursuant to paragraph (1), the Minister of Health and Welfare shall consult with heads of related central administrative agencies, including the Minister of Strategy and Finance. <Amended on Mar. 26, 2019>
 Article 5 (Persons Excluded from Eligibility for Basic Pensions)
"Person prescribed by Presidential Decree" in Article 3 (3) of the Act, with the exception of its subparagraphs, means any of the following persons: <Amended on Aug. 28, 2018>
1. Any of the following persons who have received a pension stipulated in Article 3 (3) 1 of the Act:
(a) A person who has received a lump-sum retirement pension or lump-sum retirement pension after deduction;
(b) A person for whom five years have not passed since receiving the lump-sum payment for disability, lump-sum payment for disability for reasons other than official duties, or lump-sum payment for non-service disability;
(c) A person for whom five years have not passed since receiving the lump-sum retirement pension for survivors or lump-sum payment on retirement for survivors;
2. Any of the following persons who have received a pension stipulated in Article 3 (3) 2 of the Act:
(a) A person who has received a retirement pension in lump sum or retirement pension in lump sum after deduction;
(b) A person who has received a survivor's pension in lump sum for whom five years have not passed since receiving the survivor's pension in lump sum;
3. Any of the following persons who have received a pension stipulated in Article 3 (3) 3 of the Act:
(a) A person who has received a retirement pension in lump sum or retirement pension in lump sum after deduction;
(b) A person who has received a survivor's pension in lump sum for whom five years have not passed since receiving the survivor's pension in lump sum.
 Article 6 (Adjustment of Standard Pension Benefits According to Price Index)
Standard pension benefits prescribed in Article 5 (2) of the Act (hereinafter referred to as "standard pension benefits") shall be calculated by adding an amount calculated by multiplying the standard pension benefits of the previous year by the inflation rate of nation-wide consumer price index of the previous year, compared with the year before the previous year to, or deducting the amount calculated as such from, the standard pension benefits of the previous year. In such cases, in applying the inflation rate of the nation-wide consumer price index of the previous year, the inflation rate applied when adjusting the amount pursuant to Article 51 (1) of the National Pension Act shall be considered, pursuant to Article 51 (2) of the same Act.
 Article 7 (Standards for Calculation of Amount of Benefits Reflecting Redistribution of Income)
(1) The amount calculated on the basis of the amount prescribed in Article 51 (1) 1 of the National Pension Act (referring to the amount applicable as at the time the ground for paying the National Pension occurs; hereinafter the same shall apply) among pension benefits to which a beneficiary of a national pension is entitled pursuant to the main sentence of Article 5 (5) 2 of the Act (hereinafter referred to as "amount of benefits reflecting redistribution of income"), shall be the amount calculated as specified in attached Table 1. <Amended on Aug. 28, 2018>
(2) The standard amount of pensions which forms the basis for calculating the amount of benefits reflecting redistribution of income pursuant to the proviso to Article 5 (5) 2 of the Act, shall be as follows: <Amended on Aug. 28, 2018>
1. Where adding or reducing the amount of pension for the beneficiary prescribed in the National Pension Act according to the insurance coverage period prescribed in the National Pension Scheme: The amount classified as follows:
(a) Where the insurance coverage period prescribed in the National Pension Scheme exceeds 20 years: An amount calculated by adding the amount calculated by multiplying the amount prescribed in Article 51 (1) 1 of the same Act by 50/1000 for every year (if the period is less than one year, each one month shall be counted as 1/12 of a year) exceeding 20 years of insurance coverage period prescribed in the National Pension Scheme to the amount prescribed in Article 51 (1) 1 of the National Pension Act;
(b) Where the insurance coverage period prescribed in the National Pension Scheme is less than 20 years: An amount calculated by subtracting an amount calculated by multiplying the amount prescribed in Article 51 (1) 1 of the National Pension Act by 50/1000 for every one year (if the period is less than one year, each one month shall be counted as 1/12 of a year) that falls short of 20 years of insurance coverage period prescribed in the National Pension Scheme from the amount prescribed in Article 51 (1) 1 of the National Pension Act;
2. Where paying an amount of a pension is postponed or made early pursuant to the National Pension Act: The amount prescribed in Article 51 (1) 1 of the National Pension Act: Provided, That in any of the following cases. it shall be the amount classified as follows:
(a) Where paying the amount of a pension for the relevant annuitant is postponed or made early pursuant to the National Pension Act, where his/her insurance coverage period prescribed in the National Pension Scheme exceeds 20 years: An amount calculated under subparagraph 1 (a);
(b) Where paying the amount of a pension for the relevant annuitant is postponed or made early pursuant to the National Pension Act, where his/her insurance coverage period prescribed in the National Pension Scheme is less than 20 years: An amount calculated under subparagraph 1 (b).
(3) The amount of benefits reflecting redistribution of income of an annuitant of a dividend pension prescribed in the National Pension Act, shall be calculated by dividing the amount calculated by multiplying the benefits reflecting redistribution of incomes of a person who was the spouse of an annuitant (hereafter in this paragraph referred to as "spouse") of dividend pension calculated pursuant to paragraph (1) or (2) by the ratio of the period of marriage to the whole insurance coverage period of the spouse pursuant to the National Pension Scheme by two.
 Article 8 (Amount of Benefits Reflecting Redistribution of Incomes of Eligible Recipients of Multiple Pensions)
(1) Where entitlement to at least two pensions falling under subparagraphs of Article 5 (4) of the Act and paragraph (6) of the same Article occurs to an eligible recipient of a basic pension, the amount of benefits reflecting redistribution of incomes for the relevant eligible recipient of the basic pension shall be calculated by adding the amount calculated pursuant to Article 7 to each amount of entitlement. <Amended on Aug. 28, 2018>
(2) Where entitlement to at least two pensions that constitute the pensions stipulated in the subparagraphs of Article 5 (4) of the Act or paragraph (6) of the same Article, a disability pension prescribed in Article 67 of the National Pension Act, or a survivor pension prescribed in Article 72 of the same Act occurs to an eligible recipient of a basic pension (including persons who fall under Article 5 (7) 2 (a) of the Act), the amount calculated pursuant to Article 7 for the entitlement to pensions that fall under the subparagraphs of Article 5 (4) of the Act or paragraph (6) of the same Article shall be the amount of benefits reflecting redistribution of incomes for the relevant eligible recipient of the basic pension. <Amended on Aug. 28, 2018>
 Article 9 (Persons to whom Standard Pension Benefits shall be Paid as Basic Pension Benefits)
(1) "Persons prescribed by Presidential Decree" in Article 5 (7) 2 (c) of the Act means the recipients defined in subparagraph 2 of Article 2 of the National Basic Living Security Act. <Amended on Aug. 28, 2018>
(2) "Persons prescribed by Presidential Decree" in Article 5 (7) 2 (d) of the Act means any of following persons: <Amended on Aug. 28, 2018>
1. Voluntarily and continuously insured persons prescribed in Article 13 (1) of the National Pension Act;
2. Persons who have failed to request divided pension benefits after becoming entitled thereto under Article 64 (1) of the National Pension Act;
3. Persons entitled to an aggregate old-age pension, but have chosen entitlement to benefits of the pension for a bereaved family member pursuant to Article 18 (2) 1 (b) of the Act on Aggregation of National Pension and Occupational Pensions.
 Article 10 (Detailed Standards for Calculation of Basic Pension Benefits Based on National Pension Benefits, etc.)
The basic pension benefits payable to a person who falls under Article 6 (2) of the Act (hereinafter referred to as "basic pension benefits") shall be the greater of the following amounts: <Amended on Aug. 28, 2018>
1. An amount calculated by subtracting the following amounts from the amount that is 250/100 of the standard pension benefits:
(a) The amount of pensions for an eligible recipient referred to in subparagraphs of Article 5 (4) of the Act (where he/she receives dependant pension benefits pursuant to Article 52 of the National Pension Act, the amount excluding such benefits shall apply);
(b) The total amount of the aggregate old-age pension prescribed in Article 11 of the Act on Aggregation of National Pension and Occupational Pensions (where he/she receives dependant pension benefits prescribed in Article 52 of the National Pension Act, an amount excluding such benefits shall apply) and the amount of aggregate retirement pension prescribed in Article 12 of the same Act;
2. Basic pension benefits calculated pursuant to Article 5 of the Act (where the basic pension benefits calculated pursuant to Article 5 of the Act exceed standard pension benefits, standard pension benefits shall apply).
 Article 11 (Level of Payment of Basic Pension Benefits after Reduction)
(1) For a person in whose case the total of assessed income and basic pension benefits exceeds the income threshold as prescribed in Article 8 (2) of the Act, an amount classified as follows shall be paid within the upper limit of basic pension benefits calculated in accordance with Articles 5, 5-2, 6 and 7 of the Act: <Amended on Aug. 28, 2018; Mar. 26, 2019>
1. Where the amount calculated by subtracting the assessed income from the income threshold does not exceed 10/100 of the standard pension benefits: An amount equivalent to 10/100 of the standard pension benefits;
2. Where the amount calculated by subtracting the assessed income from the income threshold exceeds 10/100 of the standard pension benefits: An amount obtained by subtracting the assessed income from the income threshold.
(2) Notwithstanding paragraph (1), where both the principal and his/her spouse are eligible recipients of basic pensions and the total of basic pension benefits of the principal and his/her spouse after reduction prescribed in Article 8 (1) of the Act exceeds the income threshold, they shall be paid an amount classified as follows within the upper limit of the total of the basic pension benefits of the principal and his/her spouse reduced pursuant to Article 8 (1) of the Act: <Amended on Aug. 28, 2018>
1. Where the amount calculated by subtracting the assessed income from the income threshold does not exceed 20/100 of the standard pension benefits: An amount equivalent to 20/100 of the standard pension benefits;
2. Where the amount calculated by subtracting the assessed income from the income threshold exceeds 20/100 of the standard pension benefits: An amount calculated by subtracting the assessed income from the income threshold.
(3) Where the amount obtained by adding the assessed income of an eligible recipient of a basic pension who falls under Article 5-2 of the Act to his/her basic pension benefits exceeds the amount obtained by adding the assessed income of an eligible recipient of a basic pension who does not fall under Article 5-2 of the Act to his/her basic pension benefits, the amount obtained by subtracting the excess from the basic pension benefits of the eligible recipient of a basic pension shall be paid, in accordance with Article 8 (3) of the Act. <Newly Inserted on Mar. 26, 2019>
(4) Notwithstanding paragraph (3), where a person and his/her spouse are both eligible recipients of a basic pension under Article 5-2 of the Act and where the amount obtained by adding their assessed income to their basic pension benefits reduced under Article 8 (1) of the Act exceeds the amount obtained by adding the income threshold for identifying low-income individuals to the amount obtained by multiplying the standard pension benefits of an eligible recipient who does not fall under Article 5-2 by 160/100, the amount obtained by subtracting the excess from the sum of the basic pension benefits of the recipient and his/her spouse shall be paid. <Newly Inserted on Mar. 26, 2019>
(5) The amount payable pursuant to paragraph (2) or (4) shall be distributed to both of the principal and his/her spouse in proportion to the amount of their basic pension benefits reduced pursuant to Article 8 (1) of the Act: Provided, That where the amount payable to either the principal or his/her spouse under paragraph (2) is less than 10/100 of the standard pension benefits, an amount equivalent to 10/100 of the standard pension benefits shall be paid, notwithstanding paragraph (2). <Amended on Aug. 28, 2018; Mar. 26, 2019>
 Article 12 (Evaluation of Appropriateness of Basic Pension Benefits)
(1) In order to evaluate appropriateness of basic pension benefits prescribed in Article 9 (1) of the Act (hereinafter referred to as "evaluation of appropriateness"), the Minister of Health and Welfare shall formulate a plan for the evaluation of appropriateness by no later than May 31 of the year immediately preceding the year when appropriateness is to be evaluated.
(2) The Minister of Health and Welfare shall conduct a fact-finding survey on the poverty of senior citizens and the prospect of long-term financial requirements of basic pensions by no later than March 31 of the year when appropriateness is to be evaluated pursuant to Article 9 (2) of the Act.
(3) The Minister of Health and Welfare shall evaluate appropriateness by no later than September 30 of the year when appropriateness is to be evaluated.
(4) The standard pension benefits adjusted pursuant to Article 9 (1) of the Act after appropriateness is evaluated, shall apply from January 1 of the year following the evaluation of appropriateness.
 Article 13 (Methods and Procedures for Applying for Payment of Basic Pensions)
(1) A person who intends to apply for the payment of a basic pension pursuant to Article 10 (1) of the Act shall submit an application for payment of a basic pension in the form prescribed by Ordinance of the Ministry of Health and Welfare, along with the following documents, to the Special Self-Governing City Mayor, Special Self-Governing Province Governor, or the head of a Si/Gun/Gu (referring to the head of an autonomous Gu; hereinafter the same shall apply) having jurisdiction over his/her place of domicile:
1. A report on his/her income and property;
2. A written consent to the provision of financial information, credit information, or insurance information (including a written consent of his/her spouse);
3. A document prescribed by Ordinance of the Ministry of Health and Welfare for verifying the identification of a person who intends to receive a basic pension (hereinafter referred to as "basic pension applicant");
4. A letter of attorney, and a document prescribed by Ordinance of the Ministry of Health and Welfare for verifying the personal information of his/her agent (limited to where an agent files the application).
(2) A public official belonging to the Special Self-Governing City, the Special Self-Governing Province, or a Si/Gun/Gu (referring to an autonomous Gu; hereinafter the same shall apply) may submit an application for the payment of a basic pension on behalf of a person who lives alone and lacks mobility among basic pension applicants domiciled in the jurisdictional area. In such cases, he/she shall obtain consent from the basic pension applicants.
(3) Upon receipt of an application for the payment of a basic pension pursuant to paragraph (1) or (2), the Special Self-Governing City Mayor, the Special Self-Governing Province Governor, or the head of a Si/Gun/Gu shall prepare a register of a basic pension application and verify the Family Relation Certificate, the certificate of registered matters of buildings, and the certificate of registered matters of land among documents related to the income and property of the basic pension applicant by data-matching administrative information prescribed in Article 36 (1) of the Electronic Government Act: Provided, That if the basic pension applicant refuses to give consent to the verification, he/she shall be required to attach such documents.
 Article 13-2 (History Management of Applicants for Receipt of Basic Pensions)
(1) A basic pension applicant who has applied for a basic pension pursuant to Article 10 of the Act but is unentitled to the basic pension, may have his/her possibility to be included in the scope of eligible recipients of basic pensions prescribed in Article 3 of the Act verified by the Special Self-Governing City Major, the Special Self-Governing Province Governor, or the head of a Si/Gun/Gu.
(2) A person who intends to be included in the scope of eligible recipients of basic pensions prescribed in Article 3 of the Act verified pursuant to paragraph (1) (including an agent prescribed by Ordinance of the Ministry of Health and Welfare under Article 10 (1) of the Act), shall prepare and submit an application in the form prescribed by Ordinance of the Ministry of Health and Welfare to the Special Self-Governing City Major, the Special Self-Governing Province Governor, or the head of a Si/Gun/Gu.
(3) The Special Self-Governing City Major, the Special Self-Governing Province Governor, or the head of a Si/Gun/Gu shall verify the entitlement of a basic pension applicant who has submitted an application pursuant to paragraph (2) (hereinafter referred to as "applicant for managing entitlement to a basic pension") to be included in the scope of eligible recipients of basic pensions prescribed in Article 3 of the Act as at the time that falls under any item of Article 15 (2) 2.
(4) If an applicant for managing entitlement to a basic pension is verified to have the possibility to be included in the scope of eligible recipients of basic pensions prescribed in Article 3 of the Act, as the result of verification conducted under paragraph (3), the Special Self-Governing City Major, the Special Self-Governing Province Governor, or the head of a Si/Gun/Gu shall guide the applicant for managing possibility of receiving a basic pension (including an agent prescribed by Ordinance of the Ministry of Health and Welfare under Article 10 (1) of the Act) about the methods and procedures for applying for a basic pension pursuant to Article 13.
(5) The period for validity of an application submitted pursuant to paragraph (2) shall be prescribed by Ordinance of the Ministry of Health and Welfare by up to five years, and the criteria for the possibility of an applicant for managing entitlement to a basic pension to be included in the scope of eligible recipients of basic pensions prescribed in Article 3 of the Act, shall be determined and publicly notified by the Minister of Health and Welfare.
[This Article Newly Inserted on Nov. 30, 2015]
 Article 14 (Scope of Financial Information, etc.)
(1) "Data or information prescribed by Presidential Decree" in Article 10 (2) 1 through 3 means the following data or information: <Amended on Jul. 26, 2016>
1. Financial information prescribed in Article 10 (2) 1 of the Act:
(a) Demand deposits, such as ordinary deposits, savings deposits, and free savings deposits: Average balance within three months;
(b) Savings deposits, such as time deposits, term deposits, and term savings: Balance or gross deposits;
(c) Stocks, beneficiary certificates, investments, and investment shares: The latest market value. In this regard, the latest market value of unlisted stocks shall be the amount assessed by applying mutatis mutandis Article 54 (1) of the Enforcement Decree of the Inheritance Tax and Gift Tax Act;
(d) Bonds, bills, checks, certificates of obligation, and certificates of preemptive right to new stocks: Par value;
(e) Annuity savings: The amount paid regularly or the final balance;
(f) Interest and dividends or discounts accruing from financial assets that fall under items (a) through (e);
2. Credit information prescribed in Article 10 (2) 2 of the Act:
(a) Loan status and details of the amount in arrears;
(b) Amount due by credit cards;
3. Insurance information prescribed in Article 10 (2) 3 of the Act:
(a) Insurance policies: The amount to be refunded if canceled, or insurance money paid within the recent year;
(b) Annuity insurance: The amount to be refunded if canceled, or the amount to be paid regularly.
(2) Details of the financial information, credit information or insurance information prescribed in subparagraphs of paragraph (1) (hereinafter referred to as "financial information, etc.") shall be as specified in a plan for investigations and inquiries referred to in Article 15 (3).
 Article 14-2 (Provision of Information Related to Basic Pensions)
(1) Information related to basic pensions that the Minister of Health and Welfare, the Special Self-Governing City Mayor, the Special Self-Governing Province Governor, or the head of a Si/Gun/Gu shall provide pursuant to Article 10-2 (1) of the Act shall be as follows:
1. Scope of eligible recipients of basic pensions prescribed in Article 3 of the Act;
2. Methods for calculating, etc. basic pensions prescribed in Article 5 of the Act;
3. Methods, procedures, etc. for applying for payment of basic pensions prescribed in Article 10 of the Act.
(2) Pursuant to Article 10-2 (1) of the Act, the Minister of Health and Welfare, the Special Self-Governing City Mayor, the Special Self-Governing Province Governor, or the head of a Si/Gun/Gu shall provide persons aged 65 or older with basic pension-related information on the matters prescribed in subparagraphs of paragraph (1) through such means as websites, newspapers defined in items of subparagraph 1 of Article 2 of the Act on the Promotion of Newspapers, Etc. or broadcasting defined in items of subparagraph 1 of Article 2 of the Broadcasting Act, etc.
(3) In addition to providing information prescribed in paragraph (2), the Minister of Health and Welfare, the Special Self-Governing City Mayor, the Special Self-Governing Province Governor, or the head of a Si/Gun/Gu may provide persons who reach 65 years old with basic pension-related information on the matters prescribed in subparagraphs of paragraph (1) through such means as documents, telephone, facsimile, etc., as necessary.
[This Article Newly Inserted on Jul. 26, 2016]
 Article 15 (Scope, Timing, etc. of Investigations and Inquiries)
The scope of investigations and inquiries to be conducted pursuant to Article 11 (1) of the Act shall be as follows: <Amended on Nov. 30, 2015>
1. Investigations and inquiries upon application: Investigations and inquiries for determining the eligibility for basic pensions of a basic pension applicant and his/her spouse who have applied for basic pensions pursuant to Article 10 (1) of the Act and the basic pension benefits;
2. Investigations and inquiries for verification: Any of the following investigations and inquiries:
(a) Investigations and inquiries for verifying the matters reported pursuant to Article 18 (1) of the Act;
(b) Ex officio investigations and inquiries for verifying entitlement to a basic pension of an eligible recipient of a basic pension, a recipient of a basic pension, and their respective spouses, or any change in their basic pension benefits;
3. Investigations and inquiries for verifying entitlement to a basic pension of an applicant for managing possibility of receiving a basic pension and his/her spouse.
(2) The investigations and inquiries referred to in paragraph (1) shall be conducted during the following periods: <Amended on Nov. 30, 2015>
1. Investigations and inquiries upon application: When an application for a basic pension prescribed in Article 10 (1) of the Act is filed;
2. Investigations and inquiries for verification: At any of the following timing:
(a) When a report prescribed in Article 18 (1) of the Act is filed;
(b) At the time specified in a plan for investigations and inquiries conducted under paragraphs (3) and (4) as the timing for conducting investigations and inquiries for verification;
3. Investigations and inquiries on an applicant for managing entitlement to a basic pension: At any of the following timing:
(a) At the time when the Minister of Health and Welfare publicly notifies the income threshold pursuant to Article 3 (1) of the Act;
(b) At the time when any matter determined and publicly notified by the Minister of Health and Welfare as necessary to verify the possibility of receiving a basic pension occurs to an applicant for managing possibility of receiving a basic pension.
(3) In order to conduct investigations and inquiries pursuant to paragraph (1) 2 (b), the Minister of Health and Welfare shall formulate an annual plan for investigations and inquiries, including the following matters:
1. Basic direction-setting for investigations and inquiries;
2. The scope, details, and timing for investigations and inquiries, and the procedures therefor;
3. A plan for establishing a cooperation system to conduct investigations and inquiries;
4. Matters concerning the details, etc. of financial information, etc. necessary to perform the affairs related to a request for and providing financial information, etc.;
5. Other matters necessary to verify the income and property of a recipient of a basic pension, an eligible recipient of a basic pension, and their respective spouses.
(4) The Special Self-Governing City Mayor, the Special Self-Governing Province Governor, or the head of a Si/Gun/Gu shall formulate an annual plan for investigations and inquiries for his/her jurisdictional area according to the plan for investigations and inquiries referred to in paragraph (3), and shall conduct investigations and inquiries in accordance with such plan.
 Article 16 (Requests for and Provision of Financial Information, etc.)
(1) Where the Minister of Health and Welfare requests the heads of financial institutions, etc. (referring to financial companies, etc. defined in subparagraph 1 of Article 2 of the Act on Real Name Financial Transactions and Confidentiality and centralized credit information collection agency prescribed in Article 25 (2) 1 of the Credit Information Use and Protection Act; hereinafter the same shall apply) pursuant to Article 12 (1) and (2) of the Act to provide financial information, etc. of an eligible recipient of a basic pension, a recipient of a basic pension, and their respective spouses, the following matters shall be included in the request: <Amended on Aug. 4, 2020>
1. Name;
2. Resident registration number;
3. Base date or base period of the inquiry;
4. Scope of requested financial information, etc.
(2) Where the head of a financial institution, etc. in receipt of a request for providing financial information, etc. prescribed in paragraph (1) provides financial information, etc. to the Minister of Health and Welfare, the following matters shall be included in the details to be provided:
1. Name;
2. Resident registration number;
3. Name of a financial institution, etc.;
4. Account numbers and the names of financial products;
5. Details of financial information, etc. to be provided.
(3) Where any association, federation or central association (hereinafter referred to as "association, etc.") in which a financial institution, etc. is a member manages an information network related to the financial information, etc., the Minister of Health and Welfare may request the head of the relevant financial institution, etc. to provide financial information, etc. referred to in paragraph (1) through the information network of the relevant association, etc.
(4) Where the Minister of Health and Welfare requests financial information, etc. of an eligible recipient of a basic pension and his/her spouse pursuant to Article 12 (2) of the Act, he/she may request it only in the following cases, to the minimum extent necessary for the purpose of conducting an investigation prescribed in Article 15 (1):
1. Where he/she conducts an investigation and inquiries for verification pursuant to Article 15 (1) 2;
2. Where the assessed amount of income of financial assets recorded in the management card for each recipient of a basic pension referred to in Article 24 (1) 1 is at least 50/100 of the income threshold;
3. Where the assessed income recorded in the management card for each recipient of a basic pension referred to in Article 24 (1) 1 is at least 70/100 of the assessed income.
 Article 17 (Procedures, Methods, etc. for Claiming Basic Pensions Payable)
(1) A person who intends to receive a basic pension payable pursuant to Article 15 (1) of the Act shall submit a claim for the basic pension payable in the form prescribed by Ordinance of the Ministry of Health and Welfare, along with the following documents, to the Special Self-Governing City Mayor, the Special Self-Governing Province Governor, or the head of a Si/Gun/Gu having jurisdiction over the place of domicile of the deceased recipient of the basic pension:
1. A document substantiating the death of the recipient of the basic pension;
2. A document verifying the facts referred to in paragraphs (4) and (5);
3. A document prescribed by Ordinance of the Ministry of Health and Welfare, verifying the personal information of the person who intends to receive the basic pension payable;
4. A letter of attorney, and a document prescribed by the Ordinance of the Ministry of Health and Welfare for verifying the personal information of his/her agent (limited to where an agent files the application).
(2) Upon receipt of a claim for basic pension payable pursuant to paragraph (1), the Special Self-Governing City Mayor, the Special Self-Governing Province Governor, or the head of a Si/Gun/Gu shall verify the family relation register by sharing administrative information prescribed in Article 36 (1) of the Electronic Government Act: Provided, That if the person who intends to receive a basic pension payable refuses to consent to such verification, he/she shall be required to attach such document.
(3) The Special Self-Governing City Mayor, the Special Self-Governing Province Governor, or the head of a Si/Gun/Gu, in receipt of a claim for basic pension payable pursuant to paragraph (1), shall notify the claimant as to whether the basic pension payable will be paid, within seven days from the date the claim for the basic pension payable is received, as prescribed by Ordinance of the Ministry of Health and Welfare.
(4) A person obliged to provide support and eligible to claim a basic pension payable pursuant to Article 15 (1) of the Act (referring to the spouse, and a lineal blood relative and his/her spouse; hereinafter the same shall apply) shall be any of the following persons:
1. A person obliged to provide support, who has resided with the recipient of the basic pension as at the time of his/her death;
2. A person obliged to provide support, who has paid living expenses regularly to the recipient of the basic pension.
(5) The order of eligibility to claim a basic pension payable pursuant to Article 15 (1) of the Act shall be as follows:
1. The spouse;
2. Son or daughter, and his/her spouse;
3. Parents;
4. Grandchildren and their spouses.
(6) If there are at least two persons equally ranked as eligible to claim a basic pension payable pursuant to paragraph (5), the equally ranked persons shall claim payment thereof in equal apportionment. In such cases, a claim made by one person among the persons equally ranked shall be deemed made for the part receivable by him/her. <Amended on Jul. 2, 2019>
(7) Notwithstanding paragraph (6), if persons equally ranked or their legal representatives select a representative who will receive the basic pension benefits of all or some of the persons equally ranked, the relevant representative may claim the basic pension payable to all or some of the persons with same rank.
 Article 18 (Persons subject to Suspension of Payment of Basic Pensions)
(1) Where it is impracticable to verify whether a recipient of a basic pension is alive or deceased due to unknown whereabouts, disappearance, absconding from home, etc. as prescribed in Article 16 (1) 2 of the Act from the date the report thereon is received by the competent administrative agency, such as a police station, until the expiration of the period determined by the Minister of Health and Welfare, he/she shall be deemed deceased as at the time such period ends.
(2) "Cases prescribed by Presidential Decree" in Article 16 (1) 4 of the Act means where a recipient of a basic pension is registered as a person of unknown domicile pursuant to Article 20 (6) of the Resident Registration Act: Provided, That this shall not apply where the actual place of domicile of a recipient of a basic pension is identifiable.
 Article 19 (Reporting Methods)
(1) A recipient of a basic pension (in cases falling under the proviso to Article 18 (1) of the Act, referring to a person obligated to report) who intends to file a report pursuant to Article 18 (1) of the Act, shall report in the form prescribed by Ordinance of the Ministry of Health and Welfare, along with the following documents, to the Special Self-Governing City Mayor, Special Self-Governing Province Governor, or the head of a Si/Gun/Gu having jurisdiction over his/her place of domicile:
1. A document verifying the details of cases falling under subparagraphs of Article 18 (1) of the Act;
2. A document prescribed by Ordinance of the Ministry of Health and Welfare, verifying the personal information of the recipient of a basic pension;
3. A letter of attorney, and a document prescribed by Ordinance of the Ministry of Health and Welfare for verifying the personal information of his/her agent (limited to where an agent files the application).
(2) The Special Self-Governing City Mayor, the Special Self-Governing Province Governor, or the head of a Si/Gun/Gu, in receipt of a report pursuant to paragraph (1), shall verify the Family Relation Certificate, the certificate of registered matters of buildings, and the certificate of registered matters of land by sharing administrative information prescribed in Article 36 (1) of the Electronic Government Act: Provided, That if the basic pension applicant refuses to consent to the verification, he/she shall be required to attach such documents.
 Article 20 (Reports on Changes in Income and Property)
Where a recipient of a basic pension is obligated to report the changes in his/her and his/her spouse's income and property pursuant to Article 18 (1) 3 of the Act shall be as follows:
1. Where the earned income referred to in Article 2 (1) 1 is newly accrued, has increased or decreased, or dissipated due to changes in working conditions such as employment, retirement, leave of absence, unemployment, or reinstatement;
2. Where the business income referred to Article 2 (1) 2 has been newly accrued, has increased or decreased, or has dissipated due to changes in business status, such as business registration, shutdown, or discontinuation of business;
3. Where the interest income or pension income referred to in Article 2 (1) 3 (a) and (b) has been newly accrued or has become extinct due to purchasing or redeeming savings, securities, bonds, pension products, etc.;
4. Where the right to receive public transfer income referred to in Article 2 (1) 4 has been acquired or has become extinct;
5. Where the property referred to in Article 3 (1) has been acquired or all or some of it has been disposed of.
 Article 21 (Decision and Payment of Amounts Recoupable)
(1) Where the Special Self-Governing City Mayor, the Special Self-Governing Province Governor, or the head of a Si/Gun/Gu recoups a basic pension pursuant to the forepart of Article 19 (1) of the Act, he/she shall require it to be paid in lump sum at a time: Provided, That the Special Self-Governing City Mayor, the Special Self-Governing Province Governor, or the head of a Si/Gun/Gu may make the amount recoupable paid in installments, as prescribed by Ordinance of the Ministry of Health and Welfare.
(2) "Interest prescribed by Presidential Decree" in the latter part of Article 19 (1) of the Act, means the interest rate calculated by applying the interest rate on fixed deposits with three-year maturity (the interest rate to be applied when the interest rate changes during the calculation period of the interest or when the interest rates differ among banks, shall be the average interest rate applied on January 1, every relevant year by nationwide banks established under the Banking Act). In such cases, the period for calculating interest shall be the number of months from the month to which belongs the date the basic pension was received by fraudulent or other illegal means to the month immediately preceding the month to which belongs the date the amount recoupable is notified pursuant to Article 20 (1) of the Act, and the interest shall be computed at compound interest annually.
(3) "Amount prescribed by Presidential Decree" in Article 19 (3) of the Act means three thousand won.
 Article 22 (Notice of and Demand for Amount Recoupable)
(1) Where the Special Self-Governing City Mayor, the Special Self-Governing Province Governor, or the head of a Si/Gun/Gu gives written notice of payment in accordance with Article 20 (1) of the Act, the period for payment of an amount recoupable shall be at least 30 days.
(2) A written notice of payment made under Article 20 (1) of the Act shall include the following matters:
1. The fact the amount recoupable has accrued;
2. The amount of the relevant amount recoupable;
3. Deadline for payment of the amount recoupable;
4. Institutions where the amount recoupable can be paid;
5. Methods for raising objections;
6. Other matters necessary to recoup the basic pension.
(3) When the Special Self-Governing City Mayor, the Special Self-Governing Province Governor, or the head of a Si/Gun/Gu makes a request for payment pursuant to Article 20 (2) of the Act, the period for payment shall be at least 30 days.
 Article 23 (Apportionment of Expenses, etc.)
(1) The ratio of expenses incurred in paying basic pensions to be borne by the State for each of the Special Self-Governing City, the Special Self-Governing Province, and Sis/Guns/Gus pursuant to Article 25 (1) of the Act shall be as specified in attached Table 2.
(2) The expenses incurred in paying basic pensions to be borne by the State, the Special Metropolitan City, a Metropolitan City, and a Do shall be paid to the Special Self-Governing City, the Special Self-Governing Province, and Sis/Guns/Gus classified as follows: <Amended on Feb. 25, 2020>
1. In cases of the Special Self-Governing City and the Special Self-Governing Province: The State shall pay the expenses to be borne by it pursuant to paragraph (1) to the Special Self-Governing City and the Special Self-Governing Province yearly;
2. In cases of Sis/Guns/Gus: The State shall pay the expenses to be borne by it under paragraph (1) to the Special Metropolitan City, each Metropolitan City and Do yearly; and the Special Metropolitan City, a Metropolitan City and a Do shall pay each Si/Gun/Gu an amount calculated by adding the amount borne by the State to the amount to be borne by the Special Metropolitan City, and the Metropolitan City and Do which is prescribed by municipal ordinance of the Special Metropolitan City, the Metropolitan City and Do under Article 25 (2) of the Act (hereafter in this subparagraph referred to as "charges on the Special Metropolitan City, Metropolitan Cities and Dos"). In such cases, expenses referred to in paragraph (5) shall not be included in the calculation of charges on the Special Metropolitan City, Metropolitan Cities and Dos.
(3) From the expenses incurred in paying basic pensions prescribed in paragraph (2), the Special Self-Governing City, the Special Self-Governing Province, and each Si/Gun/Gu shall pay basic pensions to eligible recipients of basic pensions and recipients of basic pensions; and any deficiency or remainder after paying basic pensions shall be settled with the State in cases of the Special Self-Governing City and the Special Self-Governing Province; and with the State, the Special Metropolitan City, a Metropolitan City and Do in cases of a Si/Gun/Gu, respectively.
(4) Notwithstanding paragraph (1), for a local government that pays benefits or allowances of similar nature to the basic pension, the State may bear a ratio calculated by subtracting 10/100 (40/100, if the ratio calculated by subtracting 10/100 from the ratio to be borne by the State specified in attached Table 2 is less than 40/100) from the ratio to be borne by the State specified in attached Table 2.
(5) Notwithstanding paragraph (1), the State may additionally pay the expenses referred to in attached Table 2-2 to a Si/Gun/Gu which records less than 35 percent in the financial autonomy ratio referred to in attached Table 2 and falls under any of the following: <Newly Inserted on Feb. 25, 2020>
1. A Si/Gun/Gu which falls under the category of the national burden ratio of 70/100 in attached Table 2 and which records at least 20 percent in the fiscal expenditure index for the field of social welfare in attached Table 2-2;
2. A Si/Gun/Gu which falls under the category of the national burden ratio of 80/100 in attached Table 2 and which records at least 60 percent in the fiscal expenditure index for the field of social welfare in attached Table 2-2.
 Article 24 (Management of Status of Recipients, etc. of Basic Pensions)
(1) In order to inspect the operational status of the basic pension project, the Special Self-Governing City Mayor, the Special Self-Governing Province Governor, or the head of a Si/Gun/Gu shall prepare and manage the following data, respectively:
1. Management cards recording the status of income and property and the details of receipt of basic pensions by the recipient of a basic pension;
2. A management register recording the status of recipients of basic pensions in the jurisdictional area;
3. A basic pension application ledger prescribed in Article 13 (3);
4. Breakdown of the settlement of expenses apportioned under Article 23 (2).
(2) The Special Self-Governing City Mayor, the Special Self-Governing Province Governor, and the head of a Si/Gun/Gu shall report the data referred to in paragraph (1) to the Minister of Health and Welfare. In such cases, the head of a Si/Gun/Gu shall submit it through the competent Special Metropolitan City Mayor, Metropolitan City Mayor, or Do Governor.
(3) Matters necessary for preparing, managing, reporting, etc. data referred to in paragraphs (1) and (2) shall be prescribed by Ordinance of the Ministry of Health and Welfare.
 Article 25 (Establishment and Operation of Information System for Basic Pensions)
(1) In order to perform the following affairs, the Minister of Health and Welfare shall establish and operate an information system for basic pensions pursuant to Article 26 of the Act (hereinafter referred to as "basic pension information system") by integrating it into the information system referred to in Article 6-2 (1) of the Social Welfare Services Act: Provided, That he/she may establish and operate a separate basic pension information system to perform the affairs prescribed in subparagraphs 6 through 8: <Amended on Jul. 26, 2016; Aug. 28, 2018>
1. Computerizing affairs related to recording and managing data prescribed in Articles 10, 10-2, 11 through 20, 22, 25, and 31 of the Act;
2. Collecting, managing and processing information related to basic pensions and providing such information to local governments pursuant to Article 11 (2) of the Act;
3. Collecting, managing, and processing financial information, etc. and providing such information to local governments pursuant to Articles 14 and 16;
4. Recording, managing and reporting the status of recipients of basic pensions prescribed in Article 24;
5. Projects related to the establishment of a computer network necessary for performing the affairs prescribed in subparagraphs 1 through 4;
6. Projects related to the establishment of a computer network necessary for performing the entrusted affairs prescribed in Article 27;
7. Supporting policies necessary for operating the basic pension system, such as production, analysis, provision, etc. of statistics;
8. Other matters determined by the Minister of Health and Welfare to operate the basic pension system.
(2) Data or information in the basic pension information system shall be transferred through an information and communications network defined in Article 2 (1) 1 of the Act on Promotion of Information and Communications Network Utilization and Information Protection, Etc.: Provided, That this shall not apply in extenuating circumstances, such as damage, etc. to the information and communications network.
(3) In the basic pension information system, data or information shall be recorded, managed and reported by exchanging electronic documents or using the computerized medium: Provided, That this shall not apply in extenuating circumstances where no electronic document or computerized medium can be used.
 Article 26 (Management of Sensitive Information and Personally Identifiable Information)
The Minister of Health and Welfare (including persons to whom the affairs of the Minister of Health and Welfare are entrusted under Article 27) or the head of a local government (including persons to whom his/her authority is delegated or entrusted, where such authority is delegated or entrusted) may manage the data which contains information on health under Article 23 of the Personal Information Protection Act, information falling under criminal record materials prescribed in subparagraph 2 of Article 18 of the Enforcement Decree of the same Act, and resident registration numbers, passport numbers, or alien registration numbers prescribed in subparagraph 1, 2 or 4 of Article 19 of the Enforcement Decree of the same Act, if essential for performing the following affairs: <Amended on Nov. 30, 2015; Jul. 26, 2016>
1. Affairs related to an application for paying basic pensions and paying the same under Articles 10, 13 and 14 of the Act (including affairs related to managing possibility of receiving a basic pension referred to in Article 13-2 of this Decree);
1-2. Providing information related to basic pensions prescribed in Article 10-2 of the Act;
2. Affairs related to investigations, inquiries, etc. conducted under Article 11 of the Act;
3. Affairs related to a request for and provision of financial information, etc. prescribed in Article 12 of the Act;
4. Affairs related to claiming and paying basic pensions payable under Article 15 of the Act;
5. Affairs related to suspending payment of basic pensions prescribed in Article 16 of the Act;
6. Affairs related to losing entitlement to basic pensions prescribed in Article 17 of the Act;
7. Affairs related to reporting under Article 18 of the Act;
8. Affairs related to recovering basic pension benefits and giving notices of, requesting for, and collecting amounts recoupable under Articles 19 and 20 of the Act;
9. Affairs related to raising an objection prescribed in Article 22 of the Act.
 Article 27 (Entrustment of Affairs)
Pursuant to Article 28 (2) of the Act, the Minister of Health and Welfare, the Special Self-Governing City Mayor, the Special Self-Governing Province Governor, or the head of a Si/Gun/Gu shall entrust the following affairs to the National Pension Service established under Article 24 of the National Pension Act: <Amended on Jul. 26, 2016>
1. Receiving applications for payment of basic pensions prescribed in Article 10 of the Act;
1-2. Providing information related to basic pensions prescribed in Article 10-2 of the Act;
2. Matters requested by the Minister of Health and Welfare, the Special Self-Governing City Mayor, the Special Self-Governing Province Governor, or the head of a Si/Gun/Gu to conduct the investigations and inquiries prescribed in Article 11 of the Act;
3. Receiving claims for basic pensions payable under the forepart of Article 15 (1) of the Act;
4. Receiving reports prescribed in Article 18 (1) of the Act;
5. Receiving appeals prescribed in Article 22 (1) of the Act;
6. Matters falling under Article 25 (1) 6 through 8 among matters concerning establishing and operating the basic pension information system prescribed in Article 26 of the Act.
 Article 28 (Criteria, etc. for Imposition of Administrative Fines)
The criteria for imposing administrative fines prescribed in Article 31 (1) and (2) of the Act shall be as specified in attached Table 3.
 Article 29 (Re-Examination of Regulation)
The Minister of Health and Welfare shall examine the appropriateness of the following matters every three years, from each base date specified in the following (referring to the period that ends on the day before every third anniversary) and shall take measures, such as making improvements:
1. Persons subject to suspended payment of basic pensions prescribed in Article 18: July 1, 2014;
2. Details of a report on changes in income and property prescribed in Article 20: July 1, 2014;
3. Criteria for imposing administrative fines prescribed in Article 28 and attached Table 3: July 1, 2014.
ADDENDA <Presidential Decree No. 25427, Jun. 30, 2014>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 1, 2014.
Article 2 (Repeal of other Acts and Subordinate Statutes)
The Basic Old-Age Pension Act shall be repealed.
Article 3 (Applicability to Evaluation of Appropriateness of Basic Pension Benefits)
The first evaluation of appropriateness of basic pension benefits prescribed in Article 12 shall be conducted in 2018.
Article 4 (Special Cases on Income Threshold)
(1) Notwithstanding Article 4 (4), the income threshold which applies for the first time after this Decree enters into force, may be publicly notified by June 30, 2014.
(2) Notwithstanding Article 4 (4), the income threshold which is publicly notified pursuant to paragraph (1) shall apply from July 1, 2014 to December 31, 2014.
Article 5 (Transitional Measures concerning Persons subject to Temporary Suspension of Payment of Basic Old-Age Pensions)
Where paying basic old-age pensions is temporarily suspended pursuant to subparagraph 1 of Article 14 of the Enforcement Decree of the Basic Old-Age Pension Act (hereinafter referred to as "former Enforcement Decree of the Basic Old-Age Pension Act") that is repealed upon this Decree entering into force, if relevant recipients of basic old-age pensions become eligible recipients of basic pensions, they shall be deemed recipients of basic pensions subject to suspended payment of basic pensions prescribed in Article 18 (1).
Article 6 Omitted.
Article 7 (Relationship to other Acts and Subordinate Statutes)
Where any other statute cites the former provisions of the Enforcement Decree of the Basic Old-Age Pension Act or any provisions thereof as at the time this Decree enters into force, it shall be deemed to cite this Decree or the relevant provisions of this Decree in lieu of the former provisions, if provisions corresponding thereto exist in this Decree.
ADDENDUM <Presidential Decree No. 26684, Nov. 30, 2015>
This Decree shall enter into force on January 1, 2016.
ADDENDA <Presidential Decree No. 27252, Jun. 21, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on June 23, 2016.
Article 2 Omitted.
ADDENDUM <Presidential Decree No. 27389, Jul. 26, 2016>
This Decree shall enter into force on August 4, 2016.
ADDENDA <Presidential Decree No. 28150, Jun. 27, 2017>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 1, 2017: Provided, That the amended provisions of Article 3 of the Addenda shall enter into force on the date of its promulgation.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 29124, Aug. 28, 2018>
Article 1 (Enforcement Date)
This Decree shall enter into force on September 1, 2018: Provided, That the amended provisions of Articles 4 (3) and 25 (1) and attached Table 2 shall enter into force on the date of its promulgation, and the amended provisions of Article 2 (1) and subparagraph 1 of Article 5 shall enter into force on September 21, 2018.
Article 2 (Special Cases on Level of Payment of Basic Pension Benefits after Reduction)
(1) Notwithstanding the amended provisions of Article 11 (1), any of the following amounts shall be paid as the basic pension benefits from September 1 to December 31 of 2018:
1. Where the amount calculated by subtracting the assessed income from the income threshold does not exceed 20,000 won: An amount equivalent to 10/100 of the standard pension benefits;
2. Where the amount calculated by subtracting the assessed income from the income threshold exceeds 20,000 won: An amount obtained by subtracting the assessed income from the income threshold shall be the standard, but it shall be raised by a unit of 20,000 won.
(2) Notwithstanding the amended provisions of Article 11 (2), any of the following amounts shall be paid as the basic pension benefits from September 1 to December 31 of 2018:
1. Where the amount calculated by subtracting the assessed income from the income threshold does not exceed 40,000 won: An amount equivalent to 20/100 of the standard pension benefits;
2. Where the amount calculated by subtracting the assessed income from the income threshold exceeds 40,000 won: An amount obtained by subtracting the assessed income from the income threshold shall be the standard, but it shall be raised by a unit of 40,000 won.
ADDENDA <Presidential Decree No. 29660, Mar. 26, 2019>
Article 1 (Enforcement Date)
This Decree shall enter into force on April 1, 2019.
Article 2 (Special Cases concerning Income Threshold for Identifying Low-Income Individuals)
Notwithstanding the amended provisions of Article 4 (4), the income threshold for identifying low-income individuals for 2019 shall apply during the period between April 1, 2019 and December 31, 2019.
ADDENDUM <Presidential Decree No. 29950, Jul. 2, 2019>
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
ADDENDUM <Presidential Decree No. 30481, Feb. 25, 2020>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 30760, Jun. 9, 2020>
Article 1 (Enforcement Date)
This Decree shall enter into force on June 11, 2020.
Articles 2 through 13 Omitted.
ADDENDA <Presidential Decree No. 30893, Aug. 4, 2020>
Article 1 (Enforcement Date)
(1) This Decree shall enter into force on August 5, 2020. (Proviso Omitted.)
(2) and (3) Omitted.
Articles 2 through 4 Omitted.