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Gov't to Offer More Nat'l Pension to Parents and People Who Serve in Military

Written: 2023-10-27 17:55:41Updated: 2023-10-27 17:58:20

Gov't to Offer More Nat'l Pension to Parents and People Who Serve in Military

Photo : YONHAP News

The government will expand the scope of pension credit systems to give out more pension to people with children and those who serve in the military. 

The government on Friday deliberated on and passed a plan on operating the national pension which included such change. 

Such credit systems involve additionally recognizing the insured period as a compensation to an act regarded to be of value to society. Pension benefits go up in line with the amount of extension in insured period.

The current childbirth credit system recognizes childbirth as the insured period, offering childbirth credits, from 12 months to 50 months, depending on the number of children. 

The government plans to expand the scope of such system to offer 12 months of credit for every childbirth and scrap the upper limit of 50 months. 

As for the military pension credit system, the government plans to recognize the entire period of service as the insured period instead of the current six months. 

The latest change apparently is aimed at addressing the nation’s worsening low birth rate and to provide social benefits to young men who serve their mandatory military service.

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