There are several things you can do to increase the amount you can receive from the National Pension Plan. Today, I’m going to take the time to find out about the chunab system.
The National Pension Supplemental Payment System is a system that extends the subscription period by paying later the fees for the period in which you have not paid due to career interruption, business closure, or job loss.
The longer the non-payment period, the higher the amount will be. In this situation, it can be a considerable burden to make additional payments to the national pension. The advantage of the extra payment system is that it is possible to pay in installments. Paying in installments can reduce the burden.
In order to apply for the national pension deferred payment system, you must first check whether there is a history of payment exceptions and application exclusions. The definition of payment exclusion and application exclusion period is as follows.
-Payment exemption period: The period during which you are enrolled in the national pension, but cannot pay your bills because you do not have income
– Excluded period: A period excluded from application due to career interruption, etc., even though the fee has been paid for even one month
Even if there are payment exceptions and application exclusion periods, you cannot apply for all applicable periods. You can apply for extra payment only up to 119 months.
We will tell you how to check the possible payment exceptions and exclusion period for my extra payment application when I share the application method for extra payment later.
Meanwhile, please note that you can apply for additional payment of the national pension while you are enrolled in the national pension.
When applying for additional payment of the National Pension, the standard fee for calculation is the amount obtained by multiplying the fee at the time of application by the number of months to be paid. Let’s find out how much the extra payment fee comes out through an example.
If you are paying 90,000 won per month at the time you apply for extra payment, and the application period for extra payment is 12 months, you can pay 90,000 won X 12 months = 1.08 million won.
However, the extra payment for a voluntary subscriber cannot exceed 9% of the value of A. A value is 2,681,724 won as of 2022. 9% of this amount is approximately KRW 241,355. In other words, the additional payment for a voluntary subscriber cannot exceed KRW 241,355.
You can either pay in a lump sum or pay in installments. Installment payments can be made up to 60 times. However, when paying in installments, you must pay the fixed deposit plus interest. Currently, the interest on time deposits in the five major banks is all in the 3% range.
Disadvantages of extra payment of national pension
There are people who ask if there are any downsides to the national pension, but I don’t know. Extra payment is a system to increase the amount of pension benefits, and it is a system that people who can afford to apply for. It seems that there are no downsides.
Cancellation of additional payment of national pension
Once an application is made for the National Pension Extra Payment System, it is impossible to change or cancel the payment amount. That’s why you should think carefully before making a decision.
Additional payment of national pension Additional payment of year-end tax settlement Income deduction
Additional payments to the National Pension Plan are fully deducted from the global income for the year in which the premium is paid.
Additional payment documents for national pension
The application for extra payment of the national pension can be done either online or offline. In the case of off-line, it can be done by visiting a branch office of the Corporation, by mail or fax, and the documents to be prepared at this time are the details of the marriage certificate.
Marriage certificate details are available offline at nearby community centers and unmanned issuance machines, and online at the Korean court’s electronic family relation registration system. We share the online issuance route.
You can apply for late payment of the national pension online on the Corporation website. We will also share how to check the payment exception and application exclusion period mentioned above, that is, the period during which you can apply for extra payment. Access the corporation’s website.
Click Use e-Civil Service (requires login) in the upper right corner.
Click Personal Authentication.
Log in in a variety of ways.
Click Personal Services.
Click Report/Apply.
Click Request Extra Payment.
Agree to the collection and use of information and click OK.
After entering information such as contact registration, SMS application information, and e-mail service, click Create Application.
On the next screen, you can check the period for applying for extra payment, the number of times you can pay in installments, the standard monthly income for application, and fees.
Click the inquiry button to check the effective month of the desired additional payment period, and then enter the desired additional payment period and fee payment method. To apply for e-notification, you can enter an e-document or e-mail.
Enter the direct debit application information.
After agreeing and attaching the details of the marriage certificate, click the Apply button to complete the application for extra payment.
Checking My National Pension Estimated Receipt