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Savings Plan for a Nest Egg

Savings Plan for a Nest Egg

This savings service is for members who obtain a sizable amount of money and would like to invest a lump sum. This plan offers a high interest rate to members who deposited a lump sum. They can securely grow their lump sum at a competitive rate.


Eligibility

  • Members who enrolled in SEMA Retirement Pension Plan or Installment Savings Plan and retired members Persons who retired after ten years of employment at SEMA’s institutional members (temporarily eligible until April 2023)

Enrollment Amount:KRW 3 million –500 million (enroll in increment in KRW 1 million)

  • Minimum contract amount for the annuity-payment type (10 years, 15 years, 20 years) is KRW 30 million. In case of a tax-free comprehensive savings account, the maximum contract amount is KRW 50 million (from KRW 3 million up to 50 million, the sum of all account balance in any financial institution).

Benefit Types and Payment Rates

(as of January 1, 2020)

Types of salary and membership rates (15.4 % per usual tax)
Type Payment rate Payment option Payment frequency Available terms
Maturity payment
  • 6 months: 2.2%
  • 1 year: 2.6%
  • 2 years: 2.8%
  • 3 years: 3.0%
  • (fixed rate)
Receive interest and the principal all at once at maturity One time at maturity 6 months, 1,2,3 years
Interest Payment Receive monthly interest before maturity; receive principal (and final monthly interest) at maturity Monthly 6 months, 1,2,3 years
Principal and interest payment Receive equally divided monthly principal and the interest on the outstanding principal balance (at maturity, the principal is paid out) Monthly 6 months, 1,2,3 years
Annuity payment 3.2%(floating rate) Receive equally divided monthly principal and the interest on the outstanding principal balance longer than ten year-term Monthly 10, 15, 20 years

Tax Rate

  • Subject to a regular tax rate of 15.4%, including comprehensive financial income tax.
  • If members are eligible for tax-free comprehensive savings accounts under Article 88-2 of Restriction of Special Taxation Act, they can open the account with tax exemption within the limit of KRW 50 million, the sum of all account balances across financial institutions.
    *Subscribers to tax-free comprehensive savings accounts after January 1, 2020, are no longer eligible for tax exemption if they are subject to comprehensive financial income tax at least once during the previous three tax periods.