Early Payment of Old-age Employees' Pension

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. 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.
3. If you are voluntarily enrolled in the National Pension, you may not apply for early payment of the Old-age Employees’ Pension benefits.
4. If you are eligible for the Survivors' Employees' Pension (or the Survivors’ Mutual Aid Pension) as well as the Old-age Employees’ Pension, you must choose either one for your pension payments until 65.
5. Upon application for early payment, you may not apply for the Disability Basic Pension or Disability Employees’ Pension regardless of your disability condition.