Those recipients of labor insurance pension or national pension whose accounts have been distrained had to receive the pension benefits by check in the past. However, by submitting a certificate issued by BLI, they may now open an account with any of the financial institutions designated by BLI. This account shall serve the special purpose of depositing pension benefits; the deposit in the account shall not be used as an offset, distrained or the target of distrainment or compulsory enforcement.
In order to proactively help those nine thousand something recipients who used to receive their pensions by check, BLI sent each of them a letter of certificate together with the check in the end of February 2014, advising them to open a pension specific account. Up to the end of March 2014, more than 3,900 recipients have opened a labor insurance pension specific account, with a success rate of 77 %. Meanwhile, more than 3,100 recipients have opened a national pension specific account, with 65% success rate. Besides, from February to end of March 2014, among the new applicants for labor insurance pension or national pension, 262 people opened a labor insurance pension specific account while 187 people opened a national pension specific account.
BLI recommends that those who originally received pension checks and have not opened a pension specific account should open an specific account with any of the financial institutions designated by BLI as soon as possible, so that their financial security may be ensured in a better way and they may be freed from the trouble of waiting for the registered mail at home and rushing around to have the check honored.