Starting next year, you must live in the country for ‘more than 5 years’ to receive basic pension (comprehensive)

The number of basic pension recipients with multiple nationalities has increased 2.3 times in 4 years... Last year, 31.4 billion won was paid to 8,176 people.

(Seoul = Yonhap News) Reporter Seo Seong-ho = Starting next year, you must live in Korea for at least 5 years to receive basic pension.

In the meantime, the number of people with dual citizenship receiving basic pensions increased because there were no residency requirements, and the system was improved to ensure fairness with Koreans.

According to the National Assembly Budget Office and the Ministry of Health and Welfare on the 5th, the number of basic pension recipients with multiple nationalities increased by 125.8% from 3,621 in 2021 to 8,176 last year.

During the same period, their average monthly basic pension amount increased from 272,000 won to 320,000 won, and the total amount paid increased from 11.82 billion won to 31.4 billion won.

There were limitations in identifying overseas public and private pensions and financial assets of dual nationals through the domestic administrative network, so they remained a blind spot in the basic pension eligibility screening.

Under the current relevant regulations, there is no requirement for a minimum period of residence after entering the country to receive basic pension.

However, from April next year, supply and demand requirements will be strengthened.

Previously, there were no residency requirements in the law, so anyone who met the age (65 years or older) and income requirements could receive it, but the law was recently revised to no longer provide basic pension to anyone who has not lived in the country for more than 5 years after the age of 19.

The National Assembly Budget Office emphasized, "We must also seek ways to increase the effectiveness of system operation, such as establishing an overseas asset verification infrastructure using the tax and financial information exchange system."