2. What are the Insurance Premium Rates for National Pension Insurance?
- The insurance premium rate for National Pension Insurance was 6.5% for the first and second year after the implementation of the National Pension Insurance Program.
- The rate will be increased by 0.5% on the third year (that means 7% for the third year) and another increase of 0.5% for every 2 years thereafter until it reaches the limit of 12%. But no increase will be implemented if the balance of the insurance fund is enough to pay for the insurance benefits for the next 20 years. The central competent authority (the Ministry of the Interior Before July 22, 2013; the Health and Welfare Ministry after July 23, 2013) shall make announcements whenever a rate adjustment is necessary.
- Rates over the years are as follows: