Woori Bank Selected as Main Bank for 'Small and Medium Enterprise Retirement Pension Fund System'

Woori Bank to Handle Contributions and Retirement Benefit Payments Until August 2026
'Small and Medium Enterprise Retirement Pension Fund System' Targets Growth to 540,000 Workplaces and Approximately 11 Trillion KRW

[Asia Economy Reporter Sim Nayoung] Woori Bank announced on the 19th that it has been selected as the main bank for the Korea Workers' Compensation & Welfare Service's 'Small and Medium Enterprise Retirement Pension Fund System.'

The 'Small and Medium Enterprise Retirement Pension Fund System' is a system in which the Korea Workers' Compensation & Welfare Service establishes and operates a fund using contributions paid by employers and employees to stabilize retirement benefits for small and medium enterprises with fewer than 30 employees. It pays retirement benefits to workers and converts the reserves into a fund to ensure stable management of the reserves and pursue economies of scale. The system aims to grow to 540,000 workplaces and approximately 11 trillion KRW by 2026.

Woori Bank has been performing asset management duties for the Korea Workers' Compensation & Welfare Service's DC retirement pension system since December 2010. With this recent selection as the main bank for the 'Small and Medium Enterprise Retirement Pension Fund System,' the bank will handle the deposit and payment of SME retirement pension fund contributions from employers and employees, carrying out these duties from September 2022 to August 2026.