Increase in Minimum and Maximum Monthly Contribution to Korean National Pension (According to Article 5 of the Presidential Decrees of the Korean National Pension Act)
3/26/2018
Effective from July 1, 2018, the minimum and maximum monthly contribution of the Korean national pension (NP) will be increased as follows.
|
|
Before |
From July 1, 2018 |
|
Minimum average salary threshold |
KRW 290,000 |
KRW 300,000 |
|
Maximum average salary threshold |
KRW 4,490,000 |
KRW 4,680,000 |
Example:
|
|
Before |
From July 1, 2018 |
|
Minimum monthly NP contribution |
290,000* 4.5% = 13,050 |
300,000 * 4.5% = 13,500 |
|
Maximum monthly NP contribution |
4,490,000*4.5%= 202,050 |
4,680,000* 4.5% = 210,600 |
(Note) 4.5% each for employer and employee