Starting next year, young people turning 18 will receive full support for their first national pension contributions from the government. This initiative aims to encourage early enrollment among youth who may delay joining the pension system due to studies, job preparation, or military service, helping them take the first step toward retirement planning. The National Pension Service has begun accepting pre-registrations for this program targeting those born in 2009, who are currently in their second year of high school.
On October 1, the National Pension Service announced that it has started accepting pre-registrations for the 'Youth's First Pension Contribution Support' program, which will be fully implemented on January 1, 2027.
This program will provide full government funding for the first month of pension contributions for approximately 450,000 young people turning 18 after 2027.
The support amount corresponds to the full pension contribution based on the minimum monthly income standard, which is 41,000 won. Although it covers only one month, it serves as a 'catalyst' to accelerate pension enrollment, ultimately increasing the duration of contributions and the amount of future pension benefits.
The application period runs from three months before turning 18 until the day before turning 27. However, for those born in 2009, who are the first beneficiaries of this program, applications can be submitted starting this October, regardless of their birthday, through the National Pension Service's website or mobile app.
To maximize convenience for youth and parents, the application process has been significantly simplified. Young people can apply themselves, or parents can apply on their behalf. If a parent applies on behalf of their child, verification of the family relationship is required, but if the relationship is confirmed through the National Pension Service's database, there is no need to submit additional documents.
Moreover, applications can be easily completed through the mobile app 'My National Pension' or the National Pension Service website with just a few taps, and applications via phone, mail, or fax are also available.
The National Pension Service plans to actively promote this initiative by visiting high schools and other educational institutions to ensure more young people can benefit from the program.
Kim Seong-joo, the chairman of the National Pension Service, stated, "The Youth's First Pension Contribution Support will serve as a solid starting point for young people preparing for their studies and careers, helping them plan for their future and retirement. We will continue to provide on-site guidance and promotion to ensure that no one misses out on these benefits due to a lack of information."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.