"Fruits Abound After Retirement"... Korea Workers' Compensation & Welfare Service Sows 'Pureun Seed' Expansion in Gyeongnam

Gyeongnam Province and Gyeongnam Small and Medium Business Association Agreement

Strengthening Retirement Security for SME Workers

The retirement pension fund ‘Pureun Seed,’ which supports workers' post-retirement life, is spreading widely in the Gyeongnam region.

The Korea Workers' Compensation and Welfare Service (Chairman Park Jong-gil) held a business agreement ceremony on the 14th in Changwon City with Gyeongsangnam-do Province (Governor Park Wan-su) and the Gyeongnam Small and Medium Business Association (Chairman Noh Hyun-tae).

On this day, the three organizations agreed to actively promote the subscription to the Small and Medium Enterprise Retirement Pension Fund System (Pureun Seed) among small and medium-sized enterprises in the Gyeongnam region.

On the 14th at Gyeongnam Provincial Government Office, Park Jong-gil, Chairman of the Korea Workers' Compensation and Welfare Service (5th from the left), Kim Byung-gyu, Deputy Governor for Economic Affairs of Gyeongnam Province (center), and Noh Hyun-tae, Chairman of the Gyeongnam Small and Medium Business Association of the Korea Federation of SMEs (7th from the left), signed a business agreement to strengthen the old-age income security for workers of small and medium-sized enterprises in the Gyeongnam region.

This agreement was promoted with the purpose of establishing an organic cooperation system among the three organizations to create opportunities for Pureun Seed, operated by the Service, to more easily penetrate small and medium-sized enterprises in Gyeongnam and to strengthen the guarantee of workers' post-retirement life.

According to the agreement, Gyeongnam Province will share administrative information and conduct promotions through city and county offices and related organizations, while the Gyeongnam Small and Medium Business Association will be responsible for education and providing materials to its member companies.

Additionally, the Service will prepare stepping stones for the spread of Pureun Seed in small and medium-sized enterprises in the Gyeongnam region by conducting on-site, close-contact expansion activities such as educational support.

Pureun Seed, operated by the Service since September last year, is the first public retirement benefit system in Korea implemented to reduce the income gap in old age between workers in large and small-to-medium enterprises.

The system is operated by the Service, and the dedicated asset management institutions (Mirae Asset Securities, Samsung Asset Management) safely manage the accumulated funds based on their expertise.

Within one year of implementation, it has surpassed 10,000 workplaces, 60,000 workers, and 360 billion KRW in accumulated funds, continuously growing while attracting interest from small and medium-sized enterprises with fewer than 30 employees.

The program draws attention by providing unprecedented support differentiated from private retirement pension providers, such as the government supporting 10% of the employer’s retirement pension contribution for workers earning less than 120% of the minimum wage for three years, and a 100% exemption of operating fees for five years if enrolled this year.

Park Jong-gil, Chairman of the Korea Workers' Compensation and Welfare Service, said, “Gyeongnam Province has very high future growth potential in industries such as K-defense and aerospace, and this cooperation is expected to expand the introduction of Pureun Seed among workers in small and medium-sized enterprises with fewer than 30 employees.”

Chairman Park added, “We will continue to devote efforts to enhancing the competitiveness of small and medium-sized enterprises and revitalizing the economy.”

Small and medium-sized enterprises with fewer than 30 employees wishing to subscribe to Pureun Seed or switch from existing retirement pensions can inquire at the Retirement Pension Customer Center or the nearest Korea Workers' Compensation and Welfare Service office, or subscribe through the Korea Workers' Compensation and Welfare Service retirement pension website.

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