“They pay that much?” ... Kim Jang-hoon, who has donated 20 billion won, “shocked” after calling the pension service [Issueconomy]

[Financial News] Singer Kim Jang-hoon (63), regarded as one of the entertainment industry’s leading “angels of giving,” has become eligible to receive the statutory National Pension (old-age pension), drawing attention to the age at which benefits begin and how to claim them. After checking his estimated benefit, he said he planned to resume his charitable activities using his pension income.

According to information revealed on SBS’s variety show My Little Old Boy on the 8th, Kim Jang-hoon, who was born in August 1963, recently confirmed his eligibility for the old-age pension through the National Pension Service (NPS). The agency told him that, since his August birthday had passed and he had turned 63, he was already eligible to receive benefits, and that payments would begin the month after he filed a claim.
Under the National Pension Act, the age at which old-age pension benefits begin is gradually raised according to year of birth to ensure the pension system’s long-term financial stability.
When the system was first introduced, people born before 1952 could receive benefits starting at 60. The qualifying age was then raised in stages: to 61 for those born from 1953 to 1956, and to 62 for those born from 1957 to 1960. Those born from 1961 to 1964, including Kim Jang-hoon, become eligible at 63; those born from 1965 to 1968 at 64; and those born in 1969 or later must reach the statutory maximum age of 65 before they can begin receiving pension benefits.
Born in 1963, Kim Jang-hoon falls into the group for whom the qualifying age is 63, and can receive the regular old-age pension starting the month after his birthday month. On the show, after a counselor told him his estimated benefit, he expressed surprise, asking, “They pay that much a month?”

On the show, after a counselor told Kim Jang-hoon his estimated benefit, he could not hide his surprise, asking, “They pay that much a month?” The specific amount was not disclosed on the program, but the NPS’s rules and statistics offer a way to estimate the general range.
The amount of the old-age pension is determined primarily by the length of time a person was enrolled and the standard monthly income on which contributions were based during that period. At present, the average monthly benefit for all old-age pension recipients is about 650,000 to 700,000 won, while long-term enrollees who have been covered for at least 20 years receive an average of around 1.05 million to 1.1 million won. The highest-paid recipients, who have consistently paid the maximum contributions since the system was first introduced, can receive 2 million to 2.7 million won a month.
Locally insured freelancers, including entertainers, can see substantial differences in their benefits depending on their reported income and length of enrollment. Pension experts say that if Kim Jang-hoon has diligently paid contributions close to the highest tier for many years since the system was introduced in 1988, he could receive from the mid-1-million-won range to around 2 million won a month.

Soon after his eligibility was confirmed, Kim Jang-hoon met his close colleague Lee So-ra and said, “I was going to save the pension, but I decided to donate it again.” He said he planned to continue his previous charitable work, which totals nearly 20 billion won, after he begins receiving his pension.
Experts stress that old-age pension benefits are subject to an application (claim) principle, meaning that eligible people must file a claim themselves to receive payments, even if they meet the requirements. Claims can be made by visiting an NPS branch anywhere in the country, by mail or fax, or through the NPS website (the “My Pension” site) or its mobile app, “National Pension by My Side.”
A claim for payment must be filed within five years of the date entitlement arises. If no claim is filed within that period, past payments may be lost once the statute of limitations expires, making it essential to apply when eligibility begins.

[email protected] Mun Yeong-jin Reporter