Seoul plans 10-year pension support for middle-aged residents

  • Seoul proposed a 10-year matched-savings pension for middle-aged residents.
  • Participants would save 80,000 won monthly, with Seoul adding 20,000 won.
  • The account could reach 16.4 million won, including investment returns, under campaign targets.

Seoul Metropolitan Government is consulting the Ministry of Health and Welfare on a Seoul-style Sandwich Generation Pension for residents aged 40 to 55. Under the campaign blueprint, participants would save 80,000 won ($58) a month for 10 years, while Seoul would contribute 20,000 won. The account could reach as much as 16.4 million won, including investment returns, although those figures remain campaign targets. The proposal would extend asset-building subsidy payments from a maximum of three years to 10 years, while keeping the monthly subsidy limit at 300,000 won (approximately $220) per household. Eligibility rules, income and asset thresholds, the monthly matching amount and the recruitment scale have not been finalized. The initiative originated as Mayor Oh Se-hoon's campaign pledge and was benchmarked against South Gyeongsang Province's Gyeongnam Provincial Pension, an Individual Retirement Pension (IRP) (a personal retirement savings account)-style program.

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