"Enroll in the Provincial Pension" ... BNK Gyeongnam Bank Accelerates Support for 'Gyeongnam Provincial Pension'

Management Fees Waived for IRP Accounts Opened via Mobile Banking

BNK Gyeongnam Bank announced on January 19 that it is accelerating its support for enrollment as the designated operating institution to ensure the successful establishment of the Gyeongnam Provincial Pension.

BNK Gyeongnam Bank Gyeongnam Provincial Pension.

The Gyeongnam Provincial Pension is a local government-led asset-building support program, spearheaded by Gyeongsangnam-do, to help residents prepare for a stable retirement.

BNK Gyeongnam Bank supports the opening of Gyeongnam Provincial Pension IRP (Individual Retirement Pension) accounts through its branch counters and mobile banking services.

In particular, when residents open an IRP account through a non-face-to-face channel (mobile banking), the bank waives management and asset management fees to help reduce the long-term asset management costs for residents.

Eligibility for the Gyeongnam Provincial Pension includes Gyeongsangnam-do residents aged 40 or older but under 55 (born between 1971 and 1985) who have earned income from employment or business and whose annual income is approximately 93.52 million won or less.

If an enrollee deposits a certain amount into their IRP account, a local government subsidy of 20,000 won is accumulated for every 80,000 won deposited (up to a maximum of 240,000 won per year), allowing participants to receive benefits of up to 2.4 million won over 10 years.

To apply, individuals should first check their eligibility on the Gyeongnam Provincial Pension website and then select 'BNK Gyeongnam Bank' as the financial institution to open their IRP account among the designated operating institutions.

A BNK Gyeongnam Bank representative stated, "As the region's leading financial institution, BNK Gyeongnam Bank will provide the best financial services to ensure that Gyeongsangnam-do's pioneering welfare policy bears fruit. We hope that residents will conveniently enroll in the Gyeongnam Provincial Pension through BNK Gyeongnam Bank's online and offline channels and prepare confidently for the future."

Meanwhile, Gyeongsangnam-do plans to expand the program steadily, starting with 10,000 enrollees this year and aiming for a cumulative total of 100,000 enrollees over the next 10 years.