Kyoyukwon Gongjehoe Raises Long-term Savings Benefit Split Payment Rate to 4.9%

The Korea Teachers' Credit Union announced on the 19th that "starting next month on the 1st, the long-term savings benefit installment payment rate will be increased by 0.40 percentage points from the existing 4.50% to 4.90%."

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On the same day, the Credit Union stated, "The adjustment plan was approved on the 30th of last month. We expect this increase to enhance the satisfaction of retired members."

The long-term savings benefit installment payment is a pension-type product that allows retirees to receive a portion of their long-term savings retirement benefits in installments. It is a representative product of the Credit Union with advantages such as low tax rates ranging from 0 to 3%, no cancellation fees, and interest income not included in health insurance premium calculations. It can only be applied for once when claiming long-term savings retirement benefits.

Jung Gap-yoon, Chairman of the Korea Teachers' Credit Union, said, "As the proportion of retired members gradually increases and with the retirement season this month, we decided to raise the installment payment rate effective from the 1st of next month. We hope this increase will help retired members maintain a stable post-retirement life," adding, "We will continue to do our best to improve the welfare of our members."

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