Teachers' Pension Strengthens Customized Lending Support for Each Stage of Teaching Staff Life Cycle

The Teachers' Pension announced on September 24 that it will expand its lending programs, which are operated to promote the financial stability and welfare of teaching staff.

Naju Headquarters Building of the Teachers' Pension. Teachers' Pension

The Teachers' Pension lending programs consist of Living Expense Loans, Happiness Sharing Loans, and Government-Funded Student Loans. Among these, the Happiness Sharing Loan is the pension's flagship welfare program, providing financial support at low interest rates tailored to the diverse family situations and life stages of teaching staff. There are a total of 11 types, including Newlywed Loans, Parental Leave Loans, Fetus and Preschool Child Loans, Loans for Raising Two or More Children, Children’s Marriage Loans, and Elderly Parent Support Loans.

This system reflects the life cycle of teaching staff, encompassing marriage and childbirth, childrearing and children’s growth, and supporting elderly parents. In particular, this year, the coverage has been expanded to include pregnancy, thereby strengthening a customized support system that spans all aspects of a teacher’s life. It is especially meaningful in that it provides loans at lower interest rates than general loans (3.36% per annum as of the third quarter) during periods of significant financial burden in each life stage.

A representative from the Teachers' Pension stated, "The Happiness Sharing Loan has evolved into a system that can support the entire life journey of teaching staff, from marriage to childbirth and childcare, children’s education and marriage, and caring for elderly parents," adding, "Such institutional foundations will not only improve the quality of life for teaching staff but also contribute to creating a stable working environment."

The Living Expense Loan is a program focused on the daily financial stability of teaching staff. Active employees can borrow up to 60 million won, within half of their estimated retirement benefit amount, while pension recipients can receive support up to 10 million won. The applicable interest rate changes each quarter, but as of the third quarter, it stands at 4.36% per annum, which is a stable level compared to commercial financial institutions.

Notably, the Living Expense Loan is available not only to current employees but also to retired teaching staff receiving pensions, serving as a reliable safety net that helps ensure financial stability throughout the entire life cycle of teaching staff.

The Government-Funded Student Loan is designed to address one of the greatest financial burdens for teaching staff: their children’s education expenses. It provides interest-free support for tuition and other educational costs, offering practical assistance so that children can continue their studies.

All lending programs can be applied for from 7:00 a.m. on the first business day of each month through the Teachers' Pension website and mobile information system. The scope and limit of support may vary depending on the applicant's length of service, family circumstances, and subscription to guarantee insurance, and restrictions may apply in cases of delinquency or debt status.