Korea’s ‘Pureun Ssiat’ Pension Expands Coverage for More Workers

The Korea Workers’ Compensation and Welfare Service (COMWEL) has announced a significant expansion of its ‘Pureun Ssiat’ (Blue Seed) retirement pension program, aiming to broaden coverage for more working individuals and eliminate blind spots in retirement security across the nation.

Effective July 1, the program will extend its eligibility to businesses with fewer than 50 employees, a significant increase from the previous limit of 30. Furthermore, by 2027, this will expand again to include businesses with fewer than 100 employees. Crucially, the revised regulations also allow all income-earning individuals, including freelancers and independent contractors (known as ‘service providers’ or ‘nomu 제공자’ in Korea), to enroll in the program through an Individual Retirement Pension (IRP) account. This move is designed to ensure that a wider array of workers, particularly those in non-traditional employment or smaller enterprises, can secure their post-retirement finances.

Launched in 2022, ‘Pureun Ssiat’ is a public fund-type retirement pension system designed specifically for employees of small and medium-sized enterprises (SMEs). It aims to reduce the financial burden on businesses and workers by offering compelling benefits such as a waiver of employer fees for three years and a 10% government contribution support. Its simplified enrollment process, based on standard contracts, makes it easy for SMEs to adopt.

The program has demonstrated robust growth and stable performance since its inception. In just over three years, ‘Pureun Ssiat’ has attracted approximately 38,000 businesses and 170,000 workers, accumulating 1.7 trillion Korean Won (approximately $1.25 billion USD) in assets. In 2025, it reported an impressive 8.67% return rate, reinforcing its position as a reliable tool for long-term financial planning.

COMWEL recently held a street campaign in Seoul, encouraging citizens to ‘plant seeds for their future’ by joining the program. Park Jong-gil, Chairman of COMWEL, emphasized the program’s role in safeguarding the retirement of SME workers through stable returns and diverse support. He affirmed the agency’s commitment to enhancing on-site promotion and collaborating with relevant ministries to develop further support measures, ensuring broader participation.

For inquiries or more information about the ‘Pureun Ssiat’ program, individuals and businesses can contact the COMWEL Customer Center at 1661-0075 or visit their official website.

Source: 고용노동부 — Original Article (Korean)