section_path: Economy/National pension scheme
section_name: National pension scheme
paragraph_text: National pension scheme
  
  The South Korean pension system was created to provide benefits to persons reaching old age, families and persons stricken with death of their primary breadwinner, and for the purposes of stabilizing the nation's welfare state. The structure is primarily based on taxation and is income-related. The system is divided into four categories distributing benefits to participants through national, military personnel, governmental, and private school teacher pension schemes. The national pension scheme is the primary welfare system providing allowances to the majority of persons. Eligibility for the national pension scheme is not dependent on income but on age and residence, where those between the ages of 18 and 59 are covered. Anyone under 18 is a dependent of someone who is covered or under a special exclusion where they are allowed to alternative provisions. The national pension scheme is divided into four categories of insured persons – the workplace-based insured, the individually insured, the voluntarily insured, and the voluntarily and continuously insured. An old-age pension scheme covers individuals age 60 or older for the rest of their life as long as they have satisfied the minimum of 20 years of national pension coverage beforehand.