South Korea National Pension (국민연금)
Calculate Korean National Pension contributions: 4.5% employee + 4.5% employer = 9% total. Income floor ₩370,000, ceiling ₩5,900,000 (2024). Includes estimated monthly pension.
Income Details
National Pension Contributions
Come utilizzare South Korea National Pension (국민연금)
Enter your monthly salary
Enter your monthly standard income (기준소득월액). Pension contributions are based on this amount, capped at ₩5,900,000 and floored at ₩370,000 (2024).
Enter your current age and contribution years
Enter your current age and how many years you plan to contribute. The minimum for full pension eligibility is 10 years. Maximum contribution period is typically 40 years.
Review contributions and estimated pension
See monthly employee and employer contributions (4.5% each), annual totals, and a simplified estimated monthly pension based on your contribution period.
Suggerimenti
- Consider the National Pension as a foundation — supplement it with individual retirement annuities (개인연금) and retirement savings accounts (IRP) for comprehensive retirement planning.
- If you leave Korea before pension eligibility, you can apply for a refund of your contributions (반환일시금) at departure.
- Korea has social security agreements with many countries to avoid double contributions — check if your home country has a totalization agreement.
- The NPS pension provides disability and survivors benefits in addition to retirement — it is more than just a retirement plan.
Domande frequenti
What is the National Pension (국민연금)?
The National Pension (국민연금) is South Korea's mandatory public pension system, administered by the National Pension Service (NPS, 국민연금공단). It covers all employees aged 18–59. The total contribution rate is 9% of standard monthly income, split equally between employee (4.5%) and employer (4.5%).
What are the income floor and ceiling?
For 2024, the standard monthly income (기준소득월액) floor is ₩370,000 and the ceiling is ₩5,900,000. If your actual salary is below the floor, pension is calculated on ₩370,000. If above the ceiling, pension is calculated on ₩5,900,000. The ceiling is adjusted every July.
When can I receive the pension?
The standard age to receive national pension (노령연금) is 63 (gradually increasing to 65 by 2033). Minimum contribution period is 10 years (120 months). Early pension can be received from age 58 with a reduced amount; deferred pension (up to age 68) increases the monthly payment by 7.2% per year.
How is the pension amount calculated?
The monthly pension formula is complex: A × (1 + 0.05n) × (P1 + P2)/2, where A is the average national wage, n is years beyond 20 years, P1 is average national wage during contribution period, and P2 is the individual's average standard income. The formula is designed to achieve approximately 40% income replacement for 40 years of contributions.
Can self-employed workers join the National Pension?
Yes. Self-employed workers (지역가입자) must also contribute to the National Pension if aged 18–59 with income. They pay the full 9% themselves (no employer share). Monthly contribution is calculated on assessed income, which the NPS estimates based on assets and declared income.