“Only people who have lived in South Korea for at least five years qualify for the basic pension” ... You can’t get a “free pension” while living abroad

[Financial News]  Starting next April, people will have to have lived in South Korea for at least five years to receive the basic pension. A new residency requirement was introduced after the number of dual nationals receiving the basic pension more than doubled in four years, given the difficulty of accurately verifying their overseas income and assets.   
On the 5th, according to Yonhap News Agency, the National Assembly Budget Office, the Ministry of Health and Welfare and others, the number of dual nationals receiving the basic pension rose 125.8%, from 3,621 in 2021 to 8,176 last year. Over the same period, their average monthly benefit per person increased from 272,000 won to 320,000 won, while total payments rose from 11.82 billion won to 31.4 billion won.
Until now, it has been difficult to track dual nationals’ overseas public and private pensions or financial assets through South Korea’s administrative systems, making them a blind spot in eligibility reviews for the basic pension. The previous law had no residency requirement, so anyone aged 65 or older who met the income criteria could receive the basic pension.
However, under a recently amended law, starting next April the basic pension will not be paid to people who have not lived in South Korea for at least five years after age 19. 
The National Assembly Budget Office recommended that measures to improve the effectiveness of the system should also be pursued, including building infrastructure to verify overseas assets by using tax and financial information exchange systems.
[email protected] Kim Su-yeon Reporter