Boheomyeon, Hosting a Forum on the Introduction of Retirement Pension Funds for Small and Medium Enterprises
[Asia Economy Reporter Oh Hyung-gil] The Korea Insurance Research Institute announced on the 14th that it held a forum to discuss key issues related to the introduction of new retirement pension systems, including the Small and Medium Enterprise (SME) Retirement Pension Fund.
The Korea Insurance Research Institute explained that interest in the SME Retirement Pension Fund system, which supports the retirement life of workers in small and micro enterprises with fewer than 30 employees, has been increasing, prompting the organization of this forum.
Last month, the National Assembly passed the partial amendment bill to the Employee Retirement Benefit Security Act, which includes the introduction of the SME Retirement Pension Fund system, during a plenary session.
Son Seong-dong, CEO of the Korea Pension Research Institute, presented on the topic "Introduction and Challenges of the SME Retirement Pension Fund System," addressing related issues and sharing opinions through a Q&A session with supervisory authorities and other participants.
Mr. Son identified five characteristics of the SME Retirement Pension Fund system: ▲fund-type governance structure ▲collective management of reserves ▲joint profit and loss method where operational risks are shared among subscribers ▲government support to reduce employers' financial burden and promote employee enrollment ▲system operation by public institutions.
The forum reviewed the overview and operational structure of Japan's SME Retirement Pension Mutual Aid system, which operates a similar system, and suggested future tasks to be considered to properly realize the purpose of the SME Retirement Pension Fund system and strengthen retirement security for workers in small and micro enterprises.
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An official from the institute stated, "The significance of this forum lies in providing a platform where experts and the Financial Supervisory Service jointly participated to discuss key contentious issues related to the operation of the SME fund-type system and to deliberate on directions for smooth system establishment."
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