The National Pension Insurance offers “Old-Age Pension Benefit” to the insured person. Any individuals who has previously enrolled in or is currently participating in the National Pension Insurance program may apply to the Bureau of Labor Insurance for the Old-Age Pension Benefit in the month when the individual reaches the age of 65, subject to that he/she has paid the premium as required to accumulate the period of insurance. The payment shall begin from the month when the insured person becomes qualified for the benefit until the month when the individual has died.
Furthermore, the National Pension Insurance program also offers the “Old-Age Basic Guaranteed Pension Payment” to individuals who have already reached the age of 65 at the time the National Pension Insurance program was launched, and the “Indigenous People Payment” for indigenous people. Both payments are considered welfare allowances. No premium payment is required. It is considered as a welfare allowance. There are, therefore, restrictions on the qualifications of beneficiaries. Any individual who has reached the age of 65 and met the conditions for claiming the “Old-Age Basic Guaranteed Pension Payment” will receive the payment from the month when the individual submits the application and becomes eligible for the benefit, until the month the individual has died. Any individual who has reached the age of 55 and met the qualifications for the “Indigenous People Payment” shall receive the payment from the month when the individual submits the application and becomes eligible for the benefit, until the month preceding to the one the individual reaches the age of 65.