Article 61 (Old Age Pension Beneficiaries), National Pension Act, as last amended by Act No. 14214, Nov. 30, 2016

When an employee reaches at the age of 60, full pension benefit is eligible for the rest of his/her life. For employees engaged in mining and fishery industry, they are able to get the pension benefit at the age of 55.

Where a currently or formerly insured whose insurance coverage period is at least 10 years is aged 55 or over and is not engaged in income-earning activities, he/she may receive, if he/she so desires, early old age pension during his/her remaining lifetime even though he/she has not reached age 60.


*National Pension Act

Article 61 (Old Age Pension Beneficiaries) (1) An old age pension shall be paid during the remaining lifetime to a currently or formerly insured whose insurance coverage period is at least ten years, beginning with the year he/she reaches age 60 (age 55 for employees in special occupational categories).

(2) Notwithstanding paragraph (1), where a currently or formerly insured whose insurance coverage period is at least ten years is aged 55 or over and is not engaged in income-earning activities prescribed by Presidential Decree, he/she may receive, if he/she so desires, a specified amount of pension (hereinafter referred to as "early old age pension") during his/her remaining lifetime from the time the person in question requests such pension, even though he/she has not reached age 60.