Kyobo Life expected to benefit from revision on corporate retirement pension

Kyobo Life headquarters in central Seoul / Courtesy of Kyobo Life

By Anna J. Park

As companies are now obligated to set up an employees' retirement benefits committee, Kyobo Life is expected to have a more competitive edge in the field thanks to its expertise in pension management.

With the revision of the Act on the Guarantee of Employees' Retirement Benefits, which takes effect today, companies with more than 300 employees that have opted for a defined benefit retirement pension system are required to set up a committee to control the operation of the retirement benefits for their employees. As a pension fund-operating company could join the committee as a member, it has become more important than ever to choose the right retirement fund operator.

In this regard, Kyobo Life expects that its continual excellence will provide further growth momentum in the pension-operating business. The life insurer maintained the top position for three consecutive quarters last year in terms of rate of returns among 13 other competitors that manage pension funds.

Kyobo Life also provides one-on-one investment consultations to its corporate customers every quarter, while proactively supporting the corporations' activities to rebalance the investment portfolios of their pension funds.

Currently, more than 320 companies both within the country and abroad have chosen Kyobo Life as the operator of their pension funds.

Kyobo Life also offers frequent digital seminars for its corporate customers on how to make necessary changes and make the best out of the revised retirement benefit regulations.

“We plan to provide various digital services and information for corporate customers to meet their satisfaction,” an official from Kyobo Life said.