In 2024, the total amount of retirement pension funds increased by 12.9% compared to the previous year, reaching 431 trillion won. The composition ratio by system type was 49.7% for defined benefit, 26.8% for defined contribution, and 23.1% for individual retirement pensions, with the individual retirement pension ratio increasing by 3.1%p compared to the previous year.
The total number of businesses that introduced the retirement pension system in 2024 was 442,000, an increase of 1.3% compared to the previous year. Among the introduced businesses, defined contribution accounted for 68.0%, defined benefit for 19.0%, and mixed type for 7.4%, with the defined contribution ratio increasing by 1.0%p compared to the previous year. The introduction rate was 26.5%, with the introduction rates by industry being 60.4% for health and social welfare, 57.0% for finance and insurance, and 36.7% for manufacturing.
The total number of employees enrolled in the retirement pension system in 2024 increased by 2.9% compared to the previous year, reaching 7.354 million. The composition ratio was 54.6% for defined contribution, 42.6% for defined benefit, and 2.0% for mixed type, with the defined contribution ratio increasing by 0.9%p compared to the previous year. The enrollment rate was 53.3%, with the enrollment rates by gender being 54.0% for men and 52.3% for women. The enrollment rates by age group were 60.7% for those in their 30s, 59.0% for those in their 40s, and 53.2% for those in their 50s.
In 2024, the number of individuals enrolled in the individual retirement pension system increased by 11.7% compared to the previous year, reaching 3.592 million, and the total amount of funds increased by 30.3% to 99 trillion won. The number of mid-term withdrawals increased by 4.3% compared to the previous year, and the withdrawal amount increased by 12.1%. The reasons for mid-term withdrawals were 56.5% for home purchases, 25.5% for housing rentals, and 13.1% for rehabilitation procedures.