A pilot service will deliver National Pension payments in cash to recipients in 19 cities and counties in Gangwon and North Jeolla, with postal carriers visiting recipients' homes. The service is expected to improve convenience for older adults and for rural areas where bank branches are scarce.
Korea Post of the Ministry of Science and ICT said on the 20th that it signed a business agreement with the National Pension Service to implement the "National Pension safe delivery service" to improve financial access for National Pension recipients and strengthen the social safety net.
The National Pension safe delivery service is a community-based welfare service in which a postal carrier directly delivers a recipient's pension in cash to those who applied in advance at the post office, while also checking on the recipient's well-being and living conditions. This is expected to ease inconveniences for older adults who find it difficult to visit financial institutions and to help prevent risks affecting the elderly, such as solitary deaths.
Under the agreement, the two agencies plan to accept applications from people born before 1951 who live in 19 cities and counties in Gangwon and North Jeolla and receive their National Pension into a post office account. The service will run on a pilot basis for six months from July to December. Based on the pilot evaluation, they will decide whether to expand it nationwide.
The project aims to provide a community-focused financial welfare service through the post office network, as bank branch reductions and inconveniences in using financial services have grown, especially for older adults who have difficulty visiting financial institutions. The National Pension Service will cover the postal expenses required to operate the service, and there will be no charges to recipients. Korea Post plans to provide safe and prompt delivery services by leveraging its dense nationwide postal infrastructure and network.
Park In-hwan, head of Korea Post, said, "This service provides practical help to older adults whose financial access has declined due to the reduction of bank branches," adding, "We will continue to expand public services that people can feel in cooperation with various institutions."