Starting next month, high income earners will need to pay as much as 16-thousand-200 won more in state pension premiums.

The National Pension Service has adjusted the standard income bracket it uses to set premium levels to be applied for one year starting from July.

With the changes, the upper limit in monthly income will rise from the current four-point-68 million won to four-point-86 million. The lower limit will be raised from 300-thousand won to 310-thousand.

The highest monthly pension premium will accordingly go up from about 421-thousand won to over 437-thousand won. 

People earning less than four-point-68 million won a month will not be affected. 

Over two and a half million high income earners, or about eleven-point-four percent of all pension policy holders will see their premiums increase with this new plan.