Korea Workers' Compensation & Welfare Service Changwon Branch "Small Business Workers Must Join Pureun Seed"
Retirement Pension for Small and Medium Enterprises Directly Managed by Experts
The Korea Workers' Compensation and Welfare Service Changwon Branch encouraged enrollment in the retirement pension fund for small and medium-sized enterprises (SMEs).
According to the Changwon Branch, the 'SME Retirement Pension Fund System,' exclusively operated by the Korea Workers' Compensation and Welfare Service, is a retirement benefit system tailored for SMEs that reduces the economic burden on SME business owners and guarantees income for workers after retirement.
The retirement pension fund named Pureun Seed began enrollment on September 1st last year, and to date, approximately 40,000 workers from 9,000 SMEs have enrolled.
Pureun Seed is available to workers at SMEs with fewer than 30 employees, and if enrolled within this year, fees are waived for five years.
The government supports 10% of the employer's contribution for workers earning less than an average monthly wage of 2.42 million KRW for three years.
Both the Defined Contribution (DC) retirement pension system and Pureun Seed attribute investment results to the subscribers; however, unlike the DC system, which is directly managed by subscribers, Pureun Seed is managed by dedicated institutions such as the Korea Workers' Compensation and Welfare Service, Mirae Asset Securities, and Samsung Asset Management.
A representative from the Changwon Branch stated, “Pureun Seed is a reliable hope partner for workers at workplaces with fewer than 30 employees in South Korea,” adding, “It will be helpful for workers who lack time to manage their retirement pensions directly, have difficulty accessing investment information and product knowledge, or are not well-informed about related matters.”
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Workers who wish to enroll in Pureun Seed or convert their existing retirement pensions to the fund system can enroll directly through the Korea Workers' Compensation and Welfare Service retirement pension website or receive guidance by contacting the retirement pension counseling center or the Korea Workers' Compensation and Welfare Service Changwon Branch.
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