This is the story of the Gyeongsangnam-do Provincial Pension.
It is said that if you pay 80,000 won a month for 10 years, you get back over 13 million won, and its popularity is extraordinary.
Launched this year as the first of its kind nationwide, the Gyeongsangnam-do Provincial Pension recorded a final tally of approximately 29,200 subscribers, according to Gyeongsangnam-do.
This is about 97.5% of the recruitment quota of 30,000 people.
The Gyeongsangnam-do Provincial Pension was designed based on an individual retirement pension (IRP) to fill the income gap before receiving public pensions like the national pension after retirement.
If you pay 80,000 won or more per month, the province subsidizes 20,000 won for every 80,000 won.
It pays up to 240,000 won per year, totaling 2.4 million won over 10 years.
Then, adding the principal paid over 10 years and the investment returns, the calculation comes out to receiving over 13 million won after the age of 60.
Gyeongsangnam-do stated that through this first recruitment, it confirmed that anxiety over the income gap in one's 40s and 50s is more serious than expected, and added that it is currently establishing business plans for next year.
(Photo Source: Gyeongsangnam-do Provincial Pension website)
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