Mirae Asset Securities Signs Business Agreement as Dedicated Management Institution for SME Retirement Pensions

(From right) Choi Hyun-man, Chairman of Mirae Asset Securities; Lee Won-duk, President of Woori Bank; Lee Jung-sik, Minister of Employment and Labor; Kang Soon-hee, President of the Korea Workers' Compensation and Welfare Service; and Seo Bong-gyun, CEO of Samsung Asset Management, are taking a commemorative photo after signing a business agreement for the "Small and Medium Enterprise Retirement Pension Fund System" on the 28th. (Photo by Mirae Asset Securities)

[Asia Economy Reporter Ji Yeon-jin] Mirae Asset Securities announced on the 29th that it signed a business agreement with the Korea Workers' Compensation and Welfare Service on the 28th to become the dedicated management institution for the 'Small and Medium Enterprise Retirement Pension Fund System.'

The Small and Medium Enterprise Retirement Pension Fund System is the only retirement pension fund system in Korea that creates and operates a public fund using contributions paid by employers and employees of small and medium enterprises with fewer than 30 regular employees, to provide stable retirement benefits to workers. The goal is to increase the adoption rate of retirement pensions in small and medium enterprises with fewer than 30 employees from the current 24% to 44% by 2030.

Mirae Asset Securities was selected as the dedicated management institution for the newly implemented Small and Medium Enterprise Retirement Pension Fund System after demonstrating outstanding capabilities and excellent management performance as a retirement pension operator in June.

The main contents of this business agreement include ▲ establishing asset management service infrastructure for the Small and Medium Enterprise Retirement Pension Fund ▲ providing consultation and support related to fund IPS establishment, asset allocation, risk management, and performance evaluation ▲ offering consultation and support for system expansion such as fund promotion and marketing, and seminars for workplaces and subscribers. Mirae Asset Securities will perform its role as the dedicated management institution until August 2026.

Choi Hyun-man, Chairman of Mirae Asset Securities, said, “We want to devote our customers' alliance belief and efforts to becoming a reliable partner for prosperous retirement preparation through improved pension returns via investment to the 'Small and Medium Enterprise Retirement Pension Fund.' We will utilize our know-how in the retirement pension business to support fund scale expansion and help the successful management of the fund with our global investment experience and risk management capabilities, contributing to the stable retirement of workers in small businesses.”

Meanwhile, the Small and Medium Enterprise Retirement Pension Fund System supports a 10% employer contribution for three years from the first day of enrollment for workers earning less than 2.3 million KRW monthly on average, and applies a low fee of 0.2% or less. Additionally, the existing enrollment procedures have been greatly simplified, allowing easy and convenient enrollment with a standardized contract, and applications can be made through the Korea Workers' Compensation and Welfare Service website.

This content was produced with the assistance of AI translation services.