3. Focusing on the elderly, the National Pension Insurance program offers three types of benefits, respectively, the “Old-age Pension Benefit”, “Old-age Basic Guaranteed Pension Payment” and the “Indigenous People Payment.” What are the differences among the three? Can someone receive the three benefits simultaneously?
- The differences are:
(1) “Old-Age Pension Benefit”: The Old-Age Pension Benefit is offered to individuals who have not yet reached the age of 65 at the time when the National Pension Insurance program was launched, subject to that they have participated in this program and paid the premium as required to accumulate the period of insurance. They will be entitled to receive the monthly pension payment at the month when they have attained the age of 65 and become eligible, subject to that the application has been reviewed and approved by the Bureau of Labor Insurance.
(2) “Old-Age Basic Guaranteed Pension Payment”: The Old-Age Basic Guaranteed Pension Payment is offered to continue the “Old-age Citizens’ Welfare Allowance” provided before the implementation of the National Pension Insurance, targeted for citizens who have already attained the age of 65 when the new system was implemented and are not required to pay the premium. It is considered a welfare allowance. There are restrictions on the qualifications of beneficiaries.
(3) “Indigenous People Payment”: This is the pension for indigenous people aged between 55 and 64 and is to continue the “Old-Age Indigenes’ Welfare Allowance” offered before the implementation of National Pension Insurance Program. No premium payment is required, either. It is considered as a welfare allowance. There are, therefore, restrictions on the qualifications of beneficiaries.
- The Old-Age Pension Benefit is offered to individuals who reach the age of 65 after the implementation of the National Pension Insurance program, has participated in the program and accumulated the period of insurance. The Old-Age Basic Guaranteed Pension Payment, on the other hand, is offered to the individuals who have already attained the age of 65 before the implementation of the National Pension Insurance program. The Indigenous People Payment is offered to indigenous people between 55 and 64 years of age. These three types of payments are targeted for different groups of people. It is not possible to receive them simultaneously.