Military Mutual Aid Association "Maintaining Retirement Benefit Interest Rates... For Member Welfare and Life Stability"

Holding of Resolution Meeting, Report on Member First Management Performance

The Military Mutual Aid Association has decided to maintain the retirement benefit interest rate at 4.9% (before tax) for next year. On the 3rd, the Military Mutual Aid Association announced, “On the 29th, the 235th Steering Committee and the 122nd General Assembly were held in the Military Mutual Aid Association’s main conference room, where this decision was made.”

At this General Assembly, all proposed agenda items, including next year’s business plan and budget draft, were approved. In particular, considering the enhancement of member welfare and stability of living, it was resolved to keep the retirement benefit interest rate at 4.9% (before tax). The interest rates for pension-type installment payments and lump-sum savings in both accumulation and pension forms will also be maintained at the current 5.0% (before tax).

At the 122nd Delegates' Meeting held on the 29th in the Military Mutual Aid Association's main conference room, Jeong Jae-gwan, Chairman of the Military Mutual Aid Association, is delivering a greeting. Provided by the Military Mutual Aid Association

Lee Heung-seok, Director of Planning and Coordination at the Military Mutual Aid Association, reported on the ‘Key Management Status and Tasks for 2024,’ stating, “With the continuous expansion of member funds and an increase in investment assets, the total assets of the Military Mutual Aid Association are expected to exceed 20 trillion KRW, increasing by about 2.45 trillion KRW from last year’s 17.56 trillion KRW.”

The member interest rate is also higher compared to commercial banks. Member welfare expenses, mostly consisting of savings interest, were about 301 billion KRW in 2022, but since Chairman Jeong Jae-gwan’s inauguration and the declaration of member-first management, it increased significantly to 479.1 billion KRW last year and 570 billion KRW this year.

In particular, the member housing project was actively promoted and received favorable reviews from the delegates. To provide members with opportunities to own their homes, the Military Mutual Aid Association secured four public housing sites this year alone: Namyangju Wangsuk 2, Yongin Eonnam (B4), Goyang Changneung (S19), and Hanam Gyosan. Including existing projects, a total of 7,847 units will be supplied across eight locations.

Jeong Jae-gwan, Chairman of the Military Mutual Aid Association, said, “We will strive to be closer to our members and further support their happiness,” adding, “With the goal of member-first management, we will actively return the profits generated to develop welfare systems that members can truly feel.”