NH Investment & Securities Signs Agreement for Integrated Operation of Retirement Pensions with 5 Institutions under Ministry of Employment and Labor

On the 7th, NH Investment & Securities signed an agreement for the integrated operation of retirement pensions of five institutions under the Ministry of Employment and Labor. From the front row, right side: Kim Kyung-ho, CEO of WM Business Division at NH Investment & Securities; Jo Hyang-hyun, Chairman of Korea Employment Agency for the Disabled; Kim Ji-hong, Chairman of the Labor Union Integration Committee of affiliated institutions under the Ministry of Labor.

[Asia Economy Reporter Lee Seon-ae] NH Investment & Securities announced on the 8th that it has signed an agreement for the integrated operation of retirement pensions for five institutions under the Ministry of Employment and Labor. Four retirement pension providers, including NH Investment & Securities, will manage approximately 50 billion KRW in retirement pensions from five institutions (Korea Employment Agency for the Disabled, Construction Workers Mutual Aid Association, Korea Labor Foundation, Korea Job World, and Korea Employment and Labor Education Institute).

At the signing ceremony held on the 7th at the headquarters of the Korea Employment Agency for the Disabled in Bundang, Gyeonggi Province, Kim Kyung-ho, Head of the WM Business Division, and Lee Soo-seok, Head of the Pension Sales Headquarters, attended and agreed to strive for the stable operation of retirement pensions and the improvement of employee welfare, signing the agreement. Institutional officials included Jo Hyang-hyun, Chairman of the Korea Employment Agency for the Disabled, Kim Ji-hong, Chairman of the Labor Union Integration Committee of labor-related institutions under the Ministry of Labor, and heads and union chairpersons from the five institutions.

Kim Kyung-ho, Head of the WM Business Division, stated, “In line with the purpose of launching integrated operation, we will do our best as a retirement pension provider to deliver services and actively support achieving the goals of the integrated launch,” adding, “As this is the first attempt in the market, we will devote all company capabilities to create a model case for retirement pension operation.”

NH Investment & Securities participated in the selection of the five integrated retirement pension providers under the Ministry of Employment and Labor last November. The integrated operation of retirement pensions is the first case in Korea to comprehensively operate the defined benefit retirement pension system. Since October, labor and management from the five institutions have jointly formed a retirement pension committee to select providers. The initiative aims to select joint retirement pension providers and share additional services so that employees can receive services under better conditions.

NH Investment & Securities was selected as the lead manager by ranking first in the evaluation of retirement pension providers among 18 leading domestic financial institutions. In addition to NH Investment & Securities, Woori Bank, KB Kookmin Bank, and Mirae Asset Securities will participate as retirement pension providers.