Shinhan Bank on Monday launched the Shinhan SOLMate time deposit for customers aged 50 and over, offering an interest rate of up to 3.1 percent a year. The 12-month product allows deposits from 500,000 won to 300 million won per person. The base rate is 2.9 percent, with up to 0.2 percentage points in preferential rates for meeting pension-related conditions. The bank is also running a prize event for customers depositing 50 million won or more.

With the KOSPI nearing the 5,000 mark, President Lee Jae-myung (이재명) called for structural reforms to lift retirement pension returns, which he said remain around 1 percent. He noted expectations that a stock-market rally could improve the national pension outlook, but said retirement pensions are being neglected. Lee suggested discussing fund-based management and integrating and restructuring complex pension schemes, while dismissing related rumours as malicious fake news.