Move to main content Move to main navigation Move to footer

Early Payment of Old-age Employees' Pension

January.15.2025

If you were born on or after April 2, 1953, the payment of your Old-age Employees’ pension will not commence at 60. However, you are eligible for early payment if you meet all of the following:

  1. You are age 60 or older and are under the pension age of 65;
  2. You satisfy the minimum contribution period for the Employees’ Pension as follows.
    2-1. Those born between April 2, 1953 and April 1, 1961: One year
    2-2. Those born on or after April 2, 1961: One month; and,
  3. You satisfy the pension qualifying period.

If you have opted for early payment, the amount of benefits per payment is reduced by a fixed rate for the rest of the payment.

Early-payment Reduction Rate

Those born on or before April 1, 1962: 0.5% per month
Those born on or after April 2, 1962: 0.4% per month

Note

  1. When applying for early payment of the Old-age Employees' Pension, you must apply for early payment of the Old-age Basic Pension or the National Pension as well. Note that other categories of the Old-age Employees’ Pension will also be subject to early payment.
  2. A Claim for an Advance Pension Payment cannot be canceled or changed.
  3. If you apply for early payment while you are in service, the payment will be suspended in whole or part depending on your monthly standard remuneration and standard amount of a bonus.
  4. If you are voluntarily enrolled in the National Pension, you may not apply for early payment of the Old-age Employees’ Pension benefits.
  5. Disability Benefits and Survivor Benefits cannot be received simultaneously (However, the choice options change from age 65).
  6. If you are under age 65 and receive Elderly’s Continued Employment Benefits (while employed) or Basic Allowance (after retirement) from Employment Insurance, part or all of your pension amount will be suspended.
  7. Upon application for early payment, you may not apply for the Disability Basic Pension or Disability Employees’ Pension regardless of your disability condition.
  8. After claiming an Advance Pension Payment, you are no longer entitled to Special Measures in case of Disability or Long-term Employment from the Old-age Employees’ Pension Insurance.
Back to Top