Inclusion of additional participation period of national pension for childbirth
Additional participation period of national pension for childbirth
- When a currently or formerly insured having two or more children acquires entitlement to an old-age pension (including where a person can acquire entitlement to an old-age pension if an additional period should be added to his/her coverage period under this Article), up to 50 months, the following period will be added to the duration of entitlement to the National Pension (Article 19 (1) of the National Pension Act and Article 25 (1) of the Enforcement Decree of the National Pension Act).
1. Where the number of children is 2: 12 months
2. Where the number of children is 3: 30 months (12 months for the second child + 18 months for each additional child after the second child)
3. Where the number of children is 4: 48 months (12 months for the second child + 18 months for each additional child after the second child)
4. Where the number of children is five or more 50 months (12 months for the second child + 18 months for each additional child after the second child: but only for up to 50 months)
- The additional period of national pension coverage for childbirth shall apply to the birth (including adoption) of a second child or more after January 1, 2008, Articles 1 and 19 of the National Pension Act (Act No. 8541. Issued and enforced on July 23, 2007).
- Where both parents are currently or formerly insured, the additional subscription period of the national pension above shall be added to only one of the two parents’ subscription periods by agreement between the father and the mother, and when the parents fail to reach an agreement, the additional period shall be equally divided to be added to each parent’s subscription period (Article 19 (2) of the National Pension Act).
Discount on electricity bills
Discount on electricity bills
- The Korea Electric Power Corporation (KEPCO) isoffering a discount on electricity bills for households with three or morechildren to support the stability of multi-child households [Subparagraph 4(a) of Article 67(6) of the Basic SupplyTerms and Conditions (Terms and Conditions of the Korea Electric PowerCorporation. Issued and enforced on July 21, 2022)].
Discount on automobile acquisition tax
Discount on automobile acquisition tax
- Where a person who raises at least three children (hereafter in this Article, referred to as “person raising several children”) under 18 years of age (based on the record in the family relation register; adopted children and the spouse’s children shall be included, but adopted children shall be excluded from the number of children of biological parents) acquires and registers any of the following motor vehicles until December 31, 2024 for the purpose of raising children, acquisition tax on a motor vehicle shall be exempted for one motor vehicle for which an application for reduction or exemption is filed first. Provided, That this shall not apply where at least one person among the persons raising several children owns any motor vehicle for which acquisition tax is reduced or exempted previously or where the joint registration with a person, other than his/her spouse has been made (Article 22-2 (1) of the Restriction of Special Local Taxation Act).
1. Any of the following passenger motor vehicles
A. Passenger motor vehicle with a seating capacity between 7 and 10 passengers
B. Passenger motor vehicle, other than that prescribed in item (This car shall be exempted only if the acquisition tax is less than KRW 1.4 million, and if it exceeds KRW 1.4 million, KRW 1.4 million will be deduced)
2. Van with a seating capacity not exceeding 15 passengers
3. Cargo motor vehicle with a load capacity not exceeding 1 t
4. Two-wheeled motor vehicle with an engine displacement not exceeding 250 cc
※ Where the ownership of a motor vehicle, with acquisition tax reduced or exempted according to the above reasons, is transferred without just grounds, such as death, marriage, emigration, cancelation of a driving license, or other reasons similar thereto, within one year from the date the motor vehicle is registered, the reduced or exempted portion of acquisition tax shall be collected as a penalty (The main body of Article 22-2 (3) of the Restriction of Special Local Taxation Act).
※ Provided, That where a multi-child fosterer who has been exempted from acquisition tax for the above reasons transfers ownership of the relevant motor vehicle to the spouse of the relevant multi-child fosterer, the exempted acquisition tax will not be charged (Proviso to Article 22-2 (3) of the Restriction of Special Local Taxations Act).