Additional Recruitment for "Gyeongnam Provincial Pension" Begins on the 20th ... Separate Application Dates by Income and Region

by Lee Seryeong

Published 19 Apr.2026 22:10(KST)

Gyeongnam Province, which was the first in the country to launch the “Gyeongnam Provincial Pension” to support residents during the income gap period before receiving public pensions, will begin additional recruitment on April 20 at 10 a.m.

On April 19, Gyeongnam Province announced that it would recruit an additional 20,589 participants in the Gyeongnam Provincial Pension over two phases during a two-week period from April 20 to 30.

The recruitment is open to residents aged 40 to 54 who have earned income from employment or business. This year, those whose resident registration indicates a date of birth from January 1, 1971 to December 31, 1985 are eligible to apply.

The applicant's annual income must not exceed 93,524,227 won, based on the 2024 income certificate, and they must meet the requirements for opening an Individual Retirement Pension (IRP) account.

However, those who are enrolled in the Government Employees Pension, Military Pension, Private School Teachers’ Pension, or Postal Service Pension are not eligible to apply.

Gyeongnam Provincial Pension Additional Recruitment Announcement Promotional Material. [Image provided by Gyeongnam Province]

To ensure that applications through the “Gyeongnam Provincial Pension” website are processed smoothly and not all at once, Gyeongnam Province has divided the application periods and days according to income level and city/county of residence.

In the first phase, from April 20 to 24, 10,000 residents with annual income up to 54.55 million won will be recruited. In the second phase, from April 27 to 30, 10,589 residents with annual income up to 93.52 million won will be recruited.

Residents of Changwon City and 10 county areas can apply on Mondays and Tuesdays, while residents of the other 7 cities (excluding Changwon) can apply on Wednesdays and Thursdays. On Fridays, all residents of cities and counties are eligible to apply.

Applications can be submitted from 10 a.m. to 6 p.m. during the designated periods.

Residents who have difficulty applying online may receive assistance with enrollment at branches of NH Nonghyup Bank or BNK Gyeongnam Bank.

Applicants who complete the application process must open an Individual Retirement Pension (IRP, Gyeongnam Provincial Pension) account by July 31 to be selected as final participants.

Accounts can be opened in person or online at NH Nonghyup Bank or BNK Gyeongnam Bank, which are partner institutions. However, opening an IRP account before applying is not accepted.

After opening an account, participants can make contributions freely, with no restrictions on the frequency or amount. For every 80,000 won contributed, a subsidy of 20,000 won will be provided.

The maximum annual subsidy is 240,000 won, and the participant must maintain resident registration in Gyeongnam Province during the subsidy period.

Gyeongnam Provincial Pension Additional Enrollment Schedule Notice Flyer. <br/>[Image provided by Gyeongnam Province]

Gyeongnam Provincial Pension Additional Enrollment Schedule Notice Flyer.
[Image provided by Gyeongnam Province]

Gyeongnam Province will accept 2,000 additional preliminary participants in anticipation that some applicants may be deemed ineligible or may fail to open an IRP account within the application period and thus be disqualified during the review process.

Any vacancies will be filled by preliminary participants in the order of application.

Earlier this year in January, Gyeongnam Province became the first local government in the country to introduce a provincial pension based on the Individual Retirement Pension (IRP) system, allowing residents to prepare for the income gap period between retirement and the commencement of public pensions such as the National Pension.

When participants open an IRP account and make contributions at NH Nonghyup Bank or BNK Gyeongnam Bank, the province and city/county governments provide a subsidy of 20,000 won per 80,000 won of annual contributions, for up to 10 years.

After up to 10 years, participants can receive the total amount of their own contributions, the subsidies provided by the province and city/counties, and any interest earned.

In addition, participants can benefit from year-end tax deductions as well as reduced pension income tax when receiving their pension in installments.

Initially, the province planned to recruit 10,000 participants annually for 10 years, totaling 100,000, starting from the first round of recruitment in January this year. However, due to overwhelming interest, the initial recruitment goal of 10,000 participants was exceeded within just three days.

As demand for additional recruitment continued even after the initial application period, the province decided to recruit 30,000 participants this year, 20,000 next year, and 10,000 annually for the following eight years, totaling 130,000 over 10 years.

A provincial official stated, “This additional recruitment reflects the active response of the province and local governments to the needs of the 40s-50s generation, who have been relatively underserved by previous policies. We hope the Gyeongnam Provincial Pension will serve as a substantial support for residents facing an upcoming income gap.”