"Receive 7 Million Won Monthly for 20 Years"… Launch of 'Pension Lottery 720+'

[Asia Economy Reporter Kwangho Lee] A lottery that allows winners to receive 7 million KRW every month for 20 years upon winning is being launched.

The Lottery Commission announced on the 20th that the 'Pension Lottery 720+' will be newly launched from 5 PM on the 30th of this month. The existing 'Pension Lottery 520' will be discontinued.

The first prize winner of the Pension Lottery 720+ can receive 7 million KRW monthly for 20 years. Of course, taxes are excluded, so the actual amount received will vary. This is 2 million KRW more in compensation compared to the existing Pension Lottery 520.

The second prize has been restructured from a lump sum payment to an annuity, and the number of eligible winners has been expanded. Additionally, a separate bonus draw has been introduced to add more annuity winners.

In particular, the product structure and distribution method have been improved. The number of groups has been reduced (from 7 groups to 5 groups), and the drawing and winning methods have been simplified so that consumers can enjoy the lottery more easily.

Also, the same numbers are supplied 5 million times each to both online and retail stores, allowing customers to freely choose their numbers and purchase.

The Pension Lottery 720+ can be purchased at nationwide lottery sales outlets (9,383 locations) and on the Donghaeng Lottery website. Considering distribution time, it has been supplied in advance to sales outlets since the 14th.

The Lottery Commission stated, "This product revision focuses on reflecting consumer preferences to increase product satisfaction," and added, "We expect the Pension Lottery to play a role as a healthy entertainment and leisure product by improving the inconveniences raised by buyers so far."

They continued, "With the significant expansion of annuity winners in the Pension Lottery 720+, the annuity function of the lottery is strengthened, and the product competitiveness of annuity-type lotteries is restored, which is also expected to contribute to the balanced development of the lottery market, currently concentrated on Lotto."