National Pension Scheme

Information about the National Pension Scheme in South Korea...

National Pension

The national pension scheme is run by the National Pension Service (NPS). All Koreans and foreigners aged between 18 to 59 who live and work in South Korea must contribute to the national pension scheme, which they can do in three different ways:

  1. Making pension contributions by working in a company where there are five or more full-time employees: The current rate of contribution for foreigners is 0.9 percent of total income: the employer contributes 0.45 percent and the employee the other half.
  2. Making individual pension contributions, because there are fewer than five employees; this group includes the self-employed: Foreigners contribute the same rate as Korean citizens which is nine percent.
  3. 3. Making a voluntary contribution: Anyone who lives in Korea can join the pension scheme, whether they work or not. The rate is calculated according to their income; those who do not have an income pay the default minimum contribution every month, which is KRW 89,100, as of 2012.
  • For more information about South Korea's pension scheme: Click here
  • International Office for National Pension Service
    At
    : 15F, Kuk Dong building, 60-1, Chung Mu Ro 3 Ga, Jung Gu, Seoul
    Tel: 02 1355
  • NPS International Centre