Payment rate in Korea

When New Zealand Superannuation or Veteran's Pension is paid to a client in Korea the rate of payment is calculated using the following formula:

• number of whole months of New Zealand Working age residence

multiply by

• maximum gross benefit

divide by

• 540 (months in 45 years)

The minimum payment that can be paid is:

• 12/540 of the maximum rate of payment

The maximum rate that can be paid is:

• 100% of the gross rate of New Zealand Superannuation or Veteran's Pension

Note 1 if the client has a third country pension it is not directly deducted from the rate of New Zealand Superannuation or Veteran's Pension payable.

Note 2 clients with less than 12 months working age residence in New Zealand will not be eligible for payment in Korea.

Extra help such as Accommodation Supplement, Working for Families Tax Credits, Temporary Additional Support or Disability Allowance cannot be paid in the Republic of Korea and should be cancelled from the day after departure.

For more information contact International Services