Introduction to National Pension
The National Pension Program offers three types of annuity payments including the “Old-Age Pension”, “Disability Pension” and “Survivors Pension”, as well as two types of lump sum benefits including the “Maternity Benefit” and “Funeral Benefit”. “Maternity Benefit” is a new benefit item which was made available on July 1, 2011 after the regulatory amendment. All insured persons who have paid the premium on a timely manner are eligible to receive the relevant pension benefit or lump sum payment when they give birth, are physically or mentally disabled (degree “severe” or above), die, or have attained the age of 65. The purpose is to protect the basic economic safety of the insured persons or their survivors.