Claim Your Dormant Retirement Pension of 110.6 Billion KRW Now

Retirement Pension Retrieval Campaign... Available for Inquiry on the Integrated Pension Portal

With more than 110 billion KRW in retirement pensions left unclaimed by workers, the government and financial companies have launched a campaign to help recover unclaimed retirement pensions.

According to the Ministry of Employment and Labor on the 4th, the amount of unclaimed retirement pension funds that workers have not received reached 110.6 billion KRW as of the end of last year. During this period, 68,324 workers from 21,330 workplaces did not claim their retirement pensions.

The unclaimed retirement pension funds have remained stubbornly high, exceeding 120 billion KRW at the end of 2021 and 2022 as well.

As of the end of last year, unclaimed funds held by banks accounted for 17.7 billion KRW, representing 97.4%, while securities companies and insurance companies held 1.6 billion KRW (1.5%) and 1.2 billion KRW (1.1%), respectively.

Lee Jeong-sik, Minister of Employment and Labor, is delivering a congratulatory speech at the '2023 Retirement Pension Forum' held on the 8th at the Press Center in Jung-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

A major reason for unclaimed retirement pensions is that workers were unaware of their retirement pension enrollment when their workplaces went bankrupt or closed down.

Additionally, even though individuals can apply for their retirement pensions at the financial institutions they are enrolled with without a payment instruction from their former employer after retirement, some do not apply because they do not know how.

To help find the owners of unclaimed retirement pensions, the Ministry of Employment and Labor, the Financial Services Commission, the Financial Supervisory Service, and financial companies have decided to newly establish inquiry services and strengthen guidance.

Currently, retirement pension subscribers can use the 'My Pension Inquiry' service on the Financial Supervisory Service’s Integrated Pension Portal site to check the names of financial companies managing their funds, pension product names, and the amount of accumulated funds.

If there are unclaimed funds, individuals can contact the financial company, submit the necessary documents, and claim their pensions. The government and financial sector plan to build a system within the first half of the year to allow unclaimed retirement pensions to be checked through the Financial Settlement Service’s mobile app 'Account Info.'

Financial companies plan to provide customized guidance on the existence of unclaimed pensions and the claiming procedures to customers who are workers of closed businesses, and improve services within the year to enable non-face-to-face claims and receipt.