NH NongHyup Bank's "Gyeongnam Provincial Pension" Closes Early After Two Days of Applications

5,000 Applicants Recruited
Nation’s First Individual Pension Support Program

NH NongHyup Bank's "Gyeongnam Provincial Pension," the nation's first individual pension support program, which began accepting applications on the 19th, closed early after reaching its recruitment target of 5,000 applicants within just two days.

The "Gyeongnam Provincial Pension" is a system that provides up to an additional 240,000 won per year to residents who enroll in a personal-type IRP (Individual Retirement Pension) account dedicated to the provincial pension. It targets Gyeongsangnam-do residents who, as of the application date, are registered in the province, are between the ages of 40 and 55, and have an annual income of 93,524,227 won or less. For every 80,000 won contributed, 20,000 won is provided as support, with a maximum of 2.4 million won in support funds accumulated per person over 10 years.

Kwon Donghyun, Head of the Gyeongnam Headquarters of NongHyup Bank (right), is explaining the Gyeongnam Provincial Pension to a customer visiting the branch. NongHyup Bank

Customers who have completed the application and approval process through the Gyeongnam Provincial Pension website must open a dedicated personal IRP account for the provincial pension by February 28 to be officially selected as participants in the support program.

Park Hyundong, Deputy President of NongHyup Bank's Investment Products Division, stated, "It is meaningful that the Gyeongnam Provincial Pension, the nation's first provincial pension system designed to supplement income gaps before receiving the National Pension, has launched successfully," adding, "We will continue to do our best to ensure stable pension management and systematic retirement preparation for the residents of Gyeongsangnam-do."