This is a system that gives an opportunity to pay for the period subject to the application for additional payment with the pension insurance premium at the time of application for additional payment, and the application can be made within the range of the period subject to additional payment (but, up to less than 10 years). It is not compulsory as it is a system that recognizes additional subscription period as much as the number of additional months of payment.
▶ Qualifications for application
If you report your income to the national pension or are voluntarily (continued) enrolled
▶ Subject period and type of extra payment
Non-income spouse, etc. Excluded period after payment of pension insurance premium for 1 month or more Due to business suspension or job loss
Payment exemption period, military service period after January 1988 (except for the period enrolled in public pension), due to missing for more than 1 year
The period in which the subscription history was cut off due to loss of national pension qualifications
▶ Application Deadline: Application is possible during the period of qualification maintenance
If you lose your qualification, you cannot apply for additional payment, and you can pay premiums that have already been applied for as long as the right to collect does not expire.
(However, there is additional interest after the due date. Payment is not possible in the case of death or pension receipt.)
National Pension Online Application
https://www.nps.or.kr/
Share and enjoy the National Pension Service
www.nps.or.kr
▶ How to pay
The premium can be paid in full in one lump sum, or if the amount is large, it can be paid in up to 60 monthly installments.
For the convenience of insurance premium payment, the NHIS has various payment convenience systems such as payment over the counter through bills, Internet, CD/ATM, and virtual account payment.
It is possible to pay in installments depending on the period to be paid later. It is possible to pay in installments up to 3 times for less than 1 year, 12 times for between 1 year and less than 5 years, and up to 24 times for more than 5 years. possible)
▶ Payment deadline
If you have applied for the payment of additional insurance premiums, the bill will be sent around the 11th to 15th of the month following the month you applied for, and you can pay by the last day. In case of non-payment, information on non-payment details is provided only once, and no disposition is made on default (in case of non-payment, payment is processed through application for repayment to the Corporation)
▶ Criteria for calculating additional premiums
The amount is calculated by multiplying the pension insurance premium for the month in which the date of application for late payment belongs by the number of months for the period to be paid later. However, if a voluntarily subscriber applies for an additional premium, the upper limit of the pension premium for calculating the additional premium cannot exceed 9% of the amount (A value*) calculated in accordance with Article 51 (1) 1 of the Act.
* Value A (2023): KRW 2,861,000, Value A may change every year
※ When paying in installments, installment payment interest (one-year time deposit interest rate applied) is added.
▶ Conclusion
In my case, after my wife retired as an expatriate employee after 5 years of working life and lived abroad, she belatedly recognized that she was not eligible because she could not fill the minimum payment period (10 years) with the national pension of about 10 million won paid, and through extra payment 36 I paid the national pension in monthly installments. Since then, as of now, the minimum monthly payment of 90,000 won is being paid, and the future amount of the national pension at the age of 65 is estimated at about 400,000 won. There are many negative opinions about extra payment, but it is judged that there are many advantages compared to the old-age pension, etc., in the case of married couples.