Haman County Begins Recruitment for Gyeongnam Residents' Pension Applicants

Applications Open from January 19
Addressing Income Gaps Before Public Pension Benefits Begin

Haman County in South Gyeongsang Province announced on January 15 that it will begin accepting applications for the "Gyeongnam Residents’ Pension" starting January 19. This initiative aims to address income gaps that arise after retirement and before receiving public pension benefits, and to support stable retirement planning.

Haman County will recruit a total of 162 participants on a first-come, first-served basis from January 19 to February 22. To accommodate low-income residents and those with limited access to information, the recruitment will be conducted in four phases by income bracket, as shown in the table below.

The Gyeongnam Residents’ Pension is open to county residents born between 1971 and 1985 who have earned income from employment or business activities.

Applicants must have an annual personal income of 93,524,227 won or less (based on 2024 income certificate standards) and meet all eligibility requirements for an Individual Retirement Pension (IRP) account.

Applications must be submitted online through the Gyeongnam Residents’ Pension website.

After completing the online application, applicants must visit an NH Nonghyup Bank or BNK Kyongnam Bank branch or use their respective apps to open an Individual Retirement Pension (IRP) account, at which point enrollment is finalized.

Participants may make contributions freely, without restrictions on payment frequency or amount. For every 80,000 won contributed by an individual, a support fund of 20,000 won will be deposited.

If an individual contributes 960,000 won annually, they may receive up to 240,000 won in support funds per year. Participants must maintain their resident registration address within South Gyeongsang Province during the support period.

The accumulated support funds will be paid into the participant’s account at the earliest of the following three conditions: 10 years from the enrollment date, when the participant turns 60, or when a participant aged 55 or older who has contributed for at least five years applies to receive pension benefits.

An official from Haman County stated, "The Gyeongnam Residents’ Pension is a program designed to help residents who face challenges in preparing for retirement to plan for their future more securely. In particular, we hope that residents in their 40s and 50s, who are eligible for this program, will find it to be a practical means of supplementing their public pension and preparing for retirement."