Korea Workers' Compensation and Welfare Service Establishes Retirement Pension Department to Focus on Fund-Type 'Pureun Seed'

Dedicated Department Established Through Organizational Restructuring

On the 1st, the Korea Workers' Compensation and Welfare Service announced that it had established the Retirement Pension Department and is working to promote 'Pureun Seed,' the retirement pension fund operated by the organization, as of the 13th.

Jonggil Park, President of the Korea Workers' Compensation and Welfare Service (fifth from the left), attending the inauguration ceremony of the Retirement Pension Department at the Korea Workers' Compensation and Welfare Service headquarters in Ulsan on the 13th. Provided by the Korea Workers' Compensation and Welfare Service

Pureun Seed is the only fund-type retirement pension in Korea, introduced in September 2022 to help workers at small and medium-sized enterprises with 30 or fewer employees prepare for retirement. Its key feature is realizing economies of scale through a joint fund created from contributions made by both employers and employees. Last year, the annual rate of return was 6.52%.

The organization had previously managed Pureun Seed through its retirement pension business division, but with this restructuring, it has established the new Retirement Pension Department. Going forward, the dedicated department plans to focus on fostering Pureun Seed and taking the lead in securing retirement income for vulnerable workers. In addition, through promotional events such as workshops, academic seminars, and street campaigns, the organization aims to increase the Pureun Seed fund balance to 2 trillion won this year.

Jonggil Park, President of the Korea Workers' Compensation and Welfare Service, stated, "With the establishment of the Retirement Pension Department, we will focus on developing Pureun Seed and support stable retirement lives for all working people, regardless of their employment type." He added, "We will pursue both high returns and stability, and lead the way as a future model for fund-type retirement pensions."

Meanwhile, a bill has been submitted to the National Assembly to expand eligibility for Pureun Seed and to allow platform workers and other labor providers to join. The organization expects that, in the future, more vulnerable workers will be able to join Pureun Seed and secure a stable retirement.