Korea rolls out basic pension plan FridayUpdated: 2014-07-25 09:53:06 (KST)
Beginning this Friday, the first payout under Korea's new basic pension program rolls out following a series of disputes over who is eligible.
The National Pension Service say senior citizens over the age of 65 in the lowest 70 percent income bracket will receive a monthly allowance ranging between 100-thousand to 200-thousand won or roughly 96 to 194 U.S. dollars.
Among the 4.1 million people who can claim, 93 percent will receive the full benefit of 194 dollars per person and 310 dollars per married couple.
Around 23-thousand senior citizens will not be eligible because they are either supported by their children, own country club memberships and/or luxury automobiles.
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