BASIC PENSION ACT

CHAPTER I GENERAL PROVISIONS

Article 1(Purpose) #

The purpose of this Act is to contribute to the stabilization of livelihood of senior citizens and to promote their welfare by providing a stable income base through the payment of a basic pension to senior citizens.

Article 2(Definitions) #

The terms used in this Act are defined as follows:

1. Basic pension entitlement means the right to receive a basic pension under this Act;

2. Person entitled to a basic pension means a person who has basic pension entitlement;

3. Basic pension recipient means a person who is paid a basic pension under this Act;

4. Recognized income means the amount obtained by summing the assessed income of the person and his or her spouse and the income conversion amount of property. In such cases, the scope of income and property used to calculate the assessed income and the income conversion amount of property shall be prescribed by Presidential Decree, and detailed methods for calculating the assessed income and the income conversion amount of property shall be prescribed by Decree of the Ministry of Health and Welfare.

Article 3(Scope of persons entitled to a basic pension) #

(1) Basic pensions shall be paid to persons of at least 65 years of age whose recognized income is at or below the amount determined and publicly notified by the Minister of Health and Welfare (hereinafter referred to as "income threshold").

(2) In determining the income threshold, the Minister of Health and Welfare shall ensure that basic pension recipients constitute approximately 70/100 of senior citizens who are at least 65 years of age.

(3) Notwithstanding paragraph (1), a basic pension shall not be paid to a person entitled to any of the following pensions and his or her spouse, or to a person prescribed by Presidential Decree from among persons who have received any of the following pensions and his or her spouse: <Amended on Mar. 20, 2018; Dec. 10, 2019>

Article 1(Purpose) #

Article 2(Definitions) #

Article 3(Scope of persons entitled to a basic pension) #

Article 4(Responsibilities of the State and local governments) #

Article 5(Calculation of basic pension amount) #

Article 5-2(Special cases concerning calculation of basic pension amount for low-income persons entitled to a basic pension) #

Article 6(Special cases concerning calculation of basic pension amount based on National Pension benefit amount, etc.) #

Article 7(Limit on basic pension amount) #

Article 8(Reduction of basic pension amount) #

Article 9(Adequacy evaluation of basic pension amount) #

Article 10(Application for basic pension) #

Article 10-2(Provision of information relating to basic pension) #

Article 11(Investigations and inquiries) #

Article 12(Provision of financial information, etc.) #

Article 13(Determination on payment of basic pensions) #

Article 14(Payment of, and timing for, payment of basic pensions) #

Article 15(Unpaid basic pensions) #

Article 16(Suspension of payment of basic pensions) #

Article 17(Loss of basic pension entitlement) #

Article 18(Reporting) #

Article 19(Recovery of basic pension amount) #

Article 20(Notice of, demand for, and collection of, amount to be recovered) #

Article 21(Protection of basic pension entitlement) #

Article 22(Filing of objections) #

Article 23(Prescription) #

Article 24(Treatment of fractions) #

Article 25(Apportionment of expenses) #

Article 26(Establishment and operation of the Basic Pension Information System) #

Article 27(Collection of data and information) #

Article 28(Delegation and entrustment of authority) #

Article 29(Penalty provisions) #

Article 30(Joint penalty provisions) #

Article 31(Administrative fines) #