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Public Service

1. What is the qualification and benefit standard for claiming old-age benefits?

  1. Qualifications: If the insured person meets any one of the following, he/she could claim old-age benefits.
    (1) An insured person who withdraws from insurance coverage and leaves the job, and is more than 60 years of age with more than 15 years of insurance coverage seniority.
    ※ The age for claiming the benefit is increased gradually: Starting from the enforcement day of Labor Insurance Pension in 2009, 1 year (61 years of age) will be added in the 10th year (2018) and 1 year will be added every 2 years after that until the age limit reaches 65 years of age (2026). 

     
    Age at the time of application Year Year of Birth
    60 2017 Born prior to 1957
    61 2018/2019 1958
    62 2020/2021 1959
    63 2022/2023 1960
    64 2024/2025 1961
    65 2026 and beyond 1962 and later

    (2) For An insured person who has worked in dangerous, physical hard labor, or work of special character for more than fifteen years, and who is at least fifty-five years of age and has resigned from work and withdrawn from insurance coverage, provisions of Paragraph 5, Article 58 (age for claiming benefits is increased gradually) and Article 58-2 (extension and reduction of benefits) of the Labor Insurance Act do not apply.
  2. Benefit Standard: The insured person could select the better one form the following two methods.
    (1) Average Monthly Insured salary × Insurance coverage seniority × 0.775% + 3,000
    (2) Average Monthly Insured salary × Insurance coverage seniority × 1.55%
    ※ “Average Monthly Insured salary” is calculated by averaging the highest 60 month of Insured salary during the insurance coverage seniority.
    ※ Reduced Old-age Pension: If an insured person wish to claim for old-age benefits in advance of the qualification age, the upper limit for the advancing year is 5 years. For every one year of advancement, 4% of the old-age benefits would be deducted; the upper limit is 5 year of advance which is 20% deduction.
    ※ Delayed old-age pension: If an insured person wishes to postpone the claiming of his/her old-age benefits, 4% extra of the old-age benefits would be awarded; the upper limit is 20% extra for delaying the claiming of old-age benefits.
     

 

Last Update:2019-08-20
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