The Ministry of Employment and Labor announced, “We will expand the membership of the Small and Medium Enterprises Pension Fund, which began on September 1, 2022.”
[기사 내용]
□ 9.29 (Thursday) Korean economy, ‘only 1.7% of coverage’ related to Chinese retirement pension project article
ㅇ It was found that only 1.7% of this was the number of companies that joined the project 「Small and Medium Business Retirement Pension Fund」 to expand the retirement pension subscription of employees of small and medium enterprises (SMEs) with 30 or fewer employees. target of the year. As this is a system introduced to guarantee the retirement of employees of small and medium enterprises (SMEs), it is noted that active publicity and system maintenance is urgently needed.
ㅇ According to data received by the Labor Welfare Service from Representative Kim Young-jin of the Democratic Party of Korea on the 28th, it was found that 639 people from 183 workplaces had joined from the 1st to today, the day the implementation project.
ㅇ In the detailed action plan released in March this year, the Corporation announced that it would attract 73,894 workers from 1263 workplaces this year and secure a reserve of 661.9 billion won. However, with three months left this year, the number of connected businesses is only 1.7% of the target.
[고용부 설명]
System progress
□ ’22. 4. 14. With the enforcement of the Employee Retirement Benefit Guarantee Act, the Ministry of Employment and Labor and the Korea Workers’ Compensation and Welfare Corporation have been preparing to implement the SME Retirement Pension Fund (hereinafter referred to as the ‘Small and Medium Business Retirement Fund’), and membership has been at its peak since September.
* 7 September Company Site Visit Event No. 1 Small and Medium Retirement Fund
◆ Main progress
– Holding the Steering Committee of the Small and Medium Retirement Fund
* 1st 4.14, 2nd 6.20, 3rd 7.28, 4th 8.18. 5th 8.31, 6th 9.19
– Selected as the lead bank for the Small and Medium Retirement Fund (Woori Bank 8.11) and dedicated management agency (Mirae Asset Securities 7.1, Samsung Asset Management 7.22)
– Company Site Visit Event No. 1 Small and Medium Retirement Fund (9.7)
– Korea Labor Welfare Corporation – Main bank – Business agreement ceremony (9.28)
Subscription Status
□ The Small and Medium Retirement Fund has been operating the pre-registration period from 14 April, and from 1 September, the application for membership will be accepted seriously and the subscription will be processed consecutively.
ㅇ On 27 September, 522 workplaces (2,214 employees) applied for membership, of which 184 workplaces (642 employees) have completed the registration process, and the rest are going through the employee consent process.
* Even if a workplace applies for membership in the system, there is a difference between ‘number of applications’ and ‘number of subscriptions’ because the registration is processed after the information consent process for each employee be carried out.
□ On the other hand, it is not appropriate to calculate the subscription rate by comparing the performance of the system that started on September 1 with the year-end target on September 26, and the recent subscription performance is on the rise.
Plans for the Future
□ Ministry of Employment and Labor and Korea Labor Welfare Corporation
ㅇ In order to raise awareness of the system, we will actively promote the business owner contribution support system for small and medium enterprises with 30 or fewer employees, and
ㅇ We will focus on converting small and medium retirement funds for businesses that have subscribed to the defined contribution retirement pension system operated by the Korea Workers’ Compensation and Welfare Service since 2010 (90,000 places, 420,000 in February 2022), and expand subscription to the system.
Inquiries: Retirement Welfare and Pensions Division, Labor Standards Policy Division, Ministry of Employment and Labor (044-202-7560), Korea Labor Welfare Corporation Retirement Pension Planning Division (052-704-7362)
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