Recently, there is a lot of noise regarding the reform of the national pension. As the story spreads that people born in the 1990s cannot receive the national pension at all, the voice for reform is growing. That means you have to pay more and receive less. This time, we would like to learn about the return, extra payment, and lump-sum refund system related to the national pension.
What is the national pension lump-sum refund, extra payment, and return system?
The National Pension is a system that allows you to pay 9% of your monthly income as insurance premiums, manage it by the government, and receive it from the age of 62. It is a social security system for retired and low-income earners, and it can be said to be a very large pension fund in the world, with the recent reserve exceeding 920 trillion won. It is said that by 2040, it will increase to more than 1,000 trillion.
National pension depletion prospects
The number of recipients of the national pension is rising very steeply as the baby boom generation passes by, and recently surpassed 6 million. It took more than 3 years to go from 4 million to 5 million, but it will take only 2 years to increase from 5 million to 6 million.
Current Status of National Pension Recipients (Source: eNara Index)
Reserves are still accumulating because there are still more subscribers than recipients, but this may reverse as the low birth rate and aging population progress. In addition, there is an imbalance between the income of the national pension and support expenses. The national pension income ratio is the present value of the pension that can be received compared to the present value of the total insurance premium. In other words, it is the ratio of the pension received to the premium paid. The higher the profit ratio, the more money you can receive, and the lower the profit ratio is in the next generation.
Although the number of beneficiaries of the national pension is rapidly increasing, the cumulative amount is still increasing, so it is judged that the supply and demand structure can be improved through changes. This is a matter for the government to decide, but we, the consumers, should make good use of this national pension to prepare for our old age.
National pension return, extra payment, lump-sum refund system
You should make good use of the national pension to prepare for your old age. There is a return system to extend the subscription period in order to receive maximum benefit, and an extra payment system to pay premiums during a period in which insurance premiums are not paid without income.
In the return system, if you received a lump-sum refund in the past, you pay it again to maintain the subscription period. This is a method used to maximize the benefits as the National Pension Service increases as the subscription period increases.
The extra payment system is a system that extends the subscription period when you pay premiums at a later date for a period in which you have not paid premiums due to job loss or business suspension. You can apply for extra payment during the exemption period for paying insurance premiums due to lack of income and during the exemption period for exemption from national pension after paying premiums for at least one month.
If you pay insurance premiums for the period you could not pay, the period of coverage for the period you could not pay is recognized and the pension amount increases. Since the premium can be paid in installments, you can pay in installments if it costs a lot of money.
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If you are middle-aged or older who will receive the national pension soon, it is also worth considering checking and calculating the payment period and amount, and maximizing the amount of the national pension by using the extra payment/return system. You can check and apply for refund on the website of the National Pension Service, so if you have extra money, why don’t you actively consider applying?
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