Over 10,000 Apply for Youth Pension Insurance Support in Less Than a Month

In less than a month since the launch of pre-registration for the 'Youth First Pension Insurance Support' program, over 10,000 applications have been received. The response has been balanced across the country, indicating strong interest from both young people and their parents.

The National Pension Service announced on October 28 that the number of pre-registered applicants surpassed 10,000 just 27 days after the application process began on October 1.

This initiative aims to encourage early enrollment in the national pension system among young people and assist them in preparing for long-term retirement. The program offers full government support for one month’s worth of pension contributions (41,000 won) for 18-year-olds, with eligible applicants receiving this support in the month of their birthday next year.

As of October 27, statistics show that 6,037 applicants (60.4%) applied through their parents, while 3,963 (39.6%) applied directly. A significant majority, 99.0% (9,896 applicants), submitted their applications online, with only 1.0% (104 applicants) opting for offline submissions, highlighting a clear preference for non-face-to-face channels.

The distribution of applicants was evenly spread across various regions. Gyeonggi Province had the highest number of applicants at 2,987 (29.9%), followed by Seoul with 1,794 (17.9%), Jeonnam and Gwangju with 579 (5.8%), Incheon with 527 (5.3%), Chungnam with 523 (5.2%), Gyeongnam with 512 (5.1%), Busan with 454 (4.5%), Daegu with 438 (4.4%), Daejeon with 404 (4.0%), Gyeongbuk with 356 (3.6%), Jeonbuk with 351 (3.5%), Gangwon with 333 (3.3%), Chungbuk with 262 (2.6%), Ulsan with 196 (2.0%), Sejong with 165 (1.7%), and Jeju with 119 (1.2%).

The National Pension Service noted that effective online tailored promotions contributed to this success and plans to conduct on-site promotions across regions to bridge information gaps among different communities.

Kim Sung-joo, the Commissioner of the National Pension Service, stated, “We will expand our outreach to schools, families, and local communities to ensure that young people are aware of this support program and do not miss the opportunity to apply. We are committed to helping more young people prepare for their future with the national pension.”