State Pension Overpaid Recipients 107 Bln Won Over 10 Yrs

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State pension overpaid recipients 107 bln won over 10 yrs

South Korea's state pension fund mistakenly overpaid recipients 107.35 billion won (US$95 million) over the past 10 years, data showed Wednesday

SEOUL, (UrduPoint / Pakistan Point News - 12th Sep, 2018 ) :South Korea's state pension fund mistakenly overpaid recipients 107.35 billion won (US$95 million) over the past 10 years, data showed Wednesday.

According to findings sent to the National Assembly, the National Pension Service (NPS) confirmed it over payed subscribers from 2009 through July of this year.

Of the total, 4.

5 billion won was not properly redeemed from the pension recipients as the statute of redemption period of three years had already expired, the latest report showed. Those who received too much were forced to repay the money.

The amount overpaid increased every year from 8.14 billion won in 2011 to 11 billion won in 2017, the data showed.

The data showed that 76.8 percent of the inaccurate payments during the cited period were due to fraudulent acts committed by people to receive more money.

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