The government has approved a program to support the first month of national pension contributions for young adults aged 18 to 26 who have no prior payment history, with a maximum subsidy of 40,000 won. This initiative aims to encourage early enrollment in the national pension system.
On August 26, the Ministry of Economy and Finance confirmed the approval of five projects, including the first insurance premium support for youth, during the seventh financial investment evaluation committee meeting chaired by Vice Minister Cho Yong-beom.
The program targets applicants aged 18 to 26 who have not previously contributed to the national pension. The government will provide up to 40,000 won for the first month’s premium to help these young individuals establish a contribution record.
After making the initial payment, periods during which the individual could not contribute due to studies, military service, or job searching can be paid later when they begin earning income. The goal is to accelerate the enrollment process and extend the contribution period, thereby strengthening the income foundation for the youth's retirement.
The Daegu-Gyeongbuk metropolitan railway construction project has also passed the feasibility study threshold. This project will connect Seodaegu Station to Gyeongbuk Uiseong Station over a distance of 70.06 kilometers, with 64.97 kilometers being newly constructed.
The establishment of a regional comprehensive global hub medical center at Busan National University Hospital will involve renovating aging facilities and reorganizing outpatient, inpatient, emergency, and specialized center functions. The plan includes expanding specialized facilities such as a comprehensive cancer care center to create a treatment system that allows patients to complete their care locally.
The development project for the National Land Satellite 3 and 4, which involves the production, launch, and operation of two high-resolution satellites, has also secured a foundation for advancement. Additionally, a community-based support program for individuals with disabilities living in facilities and those receiving home care will be implemented after some adjustments to the plans.
The committee has selected four new projects for feasibility studies, including the extension of the Byeollae Line metropolitan railway, improvements to the Ulsan Munsu bypass road, the construction of a workers' compensation hospital in Jeonbuk, and a low-carbon agriculture program. The designated research institutions will evaluate the economic viability and policy relevance of each project.
The results of the comprehensive feasibility studies for road projects to be included in the sixth national and provincial road construction plan have also been finalized. Out of 142 projects evaluated, 54 were deemed feasible. The approved projects will be included in the construction plan to be announced by the Ministry of Land, Infrastructure and Transport in the second half of this year and will be implemented sequentially.
Vice Minister Cho stated, “The projects that passed the feasibility study today should be promptly advanced by each ministry, while closely managing costs and project scales during the implementation process, ensuring that the expected policy effects are fully felt by the public and local residents.”
* This article has been translated by AI.
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