교직원공제회Public servants of the Teachers’ Credit Union can also join.
This is a service that any faculty member can sign up for and use savings, loans, insurance, and welfare services. Faculty refers to all people engaged in the teaching profession. This applies to teachers, administrative office workers, educational officials, security guards, facilities, and everyone else. There is no distinction between regular and irregular workers. However, if you are a contract worker, you can sign up if you are on an indefinite contract. This time, we will learn about the long-term savings benefits that faculty and staff can enjoy!
Teachers’ Credit Union main screen
First of all, the types of savings that teachers and staff can enjoy from the Korea Teachers’ Credit Union can be divided into long-term savings benefits, long-term savings salary installment benefits, lump sum benefits, and retirement living benefits. Let’s learn about the most important long-term savings and salary.
Long-term savings benefit system – This is Korea’s longest-term savings product designed with a high interest rate for the purpose of securing retirement funds. When you sign up for long-term savings benefits, you are granted membership and can receive various welfare services. (If you are a faculty member, you can become a member of the Mutual Aid Association by signing up for the savings salary service.)
long-term savings salary
Eligibility for membership – Public officials of each country, public school educational research institute, educational administrative agency, office staff of each school, employees of the industry-academic cooperation group, and employees (indefinite contract employees) with an indefinite period directly employed by an organization eligible to join the association can join. However, it is said that temporary or conditionally hired employees cannot join.
Subscription Qualifications
Subscription account – In the case of savings, it is called an account rather than being classified by amount. It is divided into 10 accounts (KRW 6,000), and you can sign up by account (1 account = KRW 600). You can sign up with a minimum of 50 accounts (KRW 30,000) and a maximum of 1,500 accounts (KRW 900,000). In comparison, it can be said to be similar to buying stocks.
Subscription account
Tax benefits: As a benefit of exemption from taxes on long-term savings salary of the Teachers’ Credit Union, it is said that only a minimum tax of 0 to 3% is collected by applying a low tax rate compared to 15.4% in commercial financial institutions. Retirement benefits: Usually, when you start working as a faculty member, you do not retire without special reasons. As an advantage, the savings interest rate is high as a benefit if you continue to save. A whopping 3.74% annual welfare (of course, it is a variable interest rate, but it is much higher than the average banking rate.)
For detailed information on the Teachers and Education Mutual Aid Association, please refer to the Teachers and Education Mutual Aid Association.
Korea Teachers’ Credit Union -> https://www.ktcu.or.kr/
Advantages of long-term savings salary: The annual welfare interest rate is much higher than that of other banks, making it advantageous for saving a lump sum. This is good news for those who are not used to saving habits, as it is automatically transferred on salary day, so there is no need to worry about it. In addition, it is said that it is possible to borrow from 30 million won to 100 million won at the same time as signing up for long-term savings benefits. We will look into the loan again. Disadvantages of long-term savings benefits You can literally only benefit from long-term savings. and! The biggest drawback is that the general public cannot sign up. Since this is a benefit that only faculty and staff can enjoy, I feel a bit left out. It seems like this is a benefit that only public officials can enjoy, but public service employees also fall into this category, so I hope you don’t give up hope and give it a try. In conclusion: While researching public servants, I became curious about the Teachers’ Mutual Aid Association for public servants, so I looked into it. I felt once again that civil servants have many benefits. Although I was a bit resentful of the developmentless society in which people work for the country and receive a salary, I hope that they will hold on to the spark of hope and move forward slowly. I will not give up on the blog and will work hard.
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