South Gyeongsang Province pushes to introduce 'resident pension' in preparation for income hiatus

Gyeongsangnam-do has decided to introduce the "Gyeongnam Residents' Pension," a personal pension support project to prepare for a post-retirement income gap.

The Gyeongnam Provincial Pension is a system that helps provincial residents prepare for an income gap from the legal retirement age of 60 to the age of 65 when the national pension is received.

Gyeongsangnam-do explained that it is a system in which provincial residents join the IRP, a personal retirement pension of financial institutions, and provide financial support for a certain amount.

For example, it is a form of paying 10,000 won per month to residents who pay 90,000 won per month to join the IRP.

Currently, IRPs can receive pensions in installments or as a lump sum from the age of 55 or older, five years after the date of enrollment.

Gyeongsangnam-do Province added that this will help provincial residents who joined the Gyeongnam Provincial Pension Plan to prepare for an income gap between the ages of 60 and 65.

In addition, the government plans to complete administrative procedures such as enacting ordinances by the first half of this year and introduce them from January next year through the establishment of a system by the end of the year.