A detailed introduction to the public fund system of Korean immigrants

I. Overview

A social security system implemented by the state pays annuities to themselves or their survivors in case

A detailed introduction to the public fund system of Korean immigrants

I. Overview

A social security system implemented by the state pays annuities to themselves or their survivors in case of old age, disability and death, so as to prevent them from paying insurance premiums due to inability to earn a living or accidental disability and death, thus contributing to the stability of life.

Second, add objects.

Since 1988, the national pension system has been implemented for employers and employees of units with more than 10 for the first time, and the scope of application has been gradually expanded. At present, all people aged 18 to 60 should join the national pension.

Moreover, foreigners who have Korean identity and live in Korea 18 to 60 years old, like Koreans, are subject to compulsory application of the national annuity.

Second, the annuity rate

Its calculation method is to multiply the standard monthly income determined by the declaration or periodic decision when obtaining the qualification of participants by the insurance rate.

What is the standard monthly income?

The standard monthly income refers to the minimum amount of 230,000 won and 3.68 million won after deducting the deficiency of 1000 won from the monthly income declared by the participants in order to calculate the insurance premium and salary of the national annuity.

prompt

The payment period of annuity insurance premium is the following month 10.

Penalty for late payment

If the annuity insurance premium is not paid within the payment period, a late fee equivalent to 3-9% of the annuity insurance premium will be charged according to the overdue period.

Third, the standard of collection

The standard of receiving a pension will vary according to the years of payment and the age at the time of receiving it. Next, I will sort out two collection standards that people with Korean identity will generally use.

1. Pension reduction

If people who have joined the WTO for more than 10 years but less than 20 years are not engaged in paid employment after the age of 60, they should get a certain proportion of the basic amount and the annual amount during the period of joining, plus the annual amount to maintain family life.

& lt Wage level of reduced pension during each joining period >

50% of the basic annual amount in 10+the annual amount of raising a family.

1 1 55% of the basic annual amount+the annual amount of raising a family.

..

65438+95% of the basic annual amount in 2009+the annual amount of supporting the family.

65438+20 years basic annual amount+000% of family support annual amount.

2. Early pension

People who have been insured for more than 0/0 years can receive an annuity even if they are under 60 years old if they do not engage in gainful employment after 55 years old.

& lt salary level of early pension at each starting age >

70% of the basic annual amount of 55 years old+the annual amount of family support.

56-year-old basic annual amount+76% of the annual amount of family support.

57-year-old basic annual amount+82% of the annual amount of family support.

The basic annual amount of 58 years old+88% of the annual amount of family support.

94% of the basic annual amount of 59 years old+the annual amount of family support.

South Korea's pension system includes all adult citizens, which is more universal and social and more in line with the basic requirements of social security. South Korea is the 13 1 country in the world that implements the national pension system. By 2000, the nominal coverage of Korean national pension reached 76%.