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Find The Most Suitable Pension Plan
for My Company

 

Eligibility

Any company

Any company

Company with less
than 10 full time
employee

Employees that
received retirement
benefit and retirement
pension participant

Retirement
benefit
(contribution)
payment

Company
(annual payment of
contribution based
on actuarial
assumptions)

Employee
(No additional
contribution)

Company
(At least 1/12 of total
annual salary by
employees)

Employee
(Additional payment
permitted)

Company
(At least 1/12 of total
annual salary by
employees)

Employee
(Additional payment
permitted)

Company
(Automatic transfer
of lump sum
retirement benefit)

Employee
(additional contribution
up to 12,000,000 KRW
annually)

Retirement
benefit (pension
asset)
investment
responsibility

Company

Employee

Employee

Employee

Retirement
benefit level

Average monthly
salary when retired
X years of service

1/12 of the total annual
salary ± investment
earnings/loss
(change by the
individual investment
result)

1/12 of the total annual
salary ± investment
earnings/loss
(change by the
individual investment
result)

Lump sum amount
when retired

Tax benefit

20% of termination
liability or internal
reserve - recognized
as expense

Employee additional contribution :
Deducted from
taxable income up to
4,000,000 KRW annually
(including personal annuities)

Tax deferment for investment gains

Employee additional contribution :
Deducted from
taxable income up to
4,000,000 KRW annually
(including personal annuities)

Tax deferment for investment gains

Employee additional contribution :
Deducted from
taxable income up to
4,000,000 KRW annually
(including personal annuities)

Tax deferment for investment gains

Retire-
ment
benefit
collec-
tion

How to
collect
retire-
ment
benefit

lump sum or annuity
(retired after 55
years old)

automatic transfer to
IRP
(retire before 55
years old)

lump sum or annuity
(retired after 55
years old)

automatic transfer to
IRP
(retire before 55
years old)

lump sum or annuity
(retired after 55
years old)

automatic transfer to
IRP
(retire before 55
years old)

Lump sum or annuity

Qualifi-
cation
for
annuity

55 or older & more10
years of participation

55 or older & more10
years of participation

55 or older & more10
years of participation

55 or older & at least
5 years of annuity
receipt

Secured
loan & inservice withdra-
wal

Against retirement
benefit
* If statutory
requirements are met

Loan or withdrawal
* If statutory require
ments are met

Loan or withdrawal
* If statutory require
ments are met

Loan or withdrawal
* If statutory require
ments are met

What are the statutory requirements?

They are the reasons stipulated by the Presidential Decree for secured loan and in-service withdrawal.

  • The participant who does not own a house purchases a house.
  • The medical treatment for the participant, his/her spouses or dependents who live together with the participant or his/her spouses under Article 50.1 of the Income Tax Act is prolonged for six (6) months or longer.
  • Bankruptcy is declared against the participant under the Law on Debt Reorganization and Bankruptcy within 5years if counted backward from the date when the security is offered (the date of in-service withdrawal request for in-service withdrawal)
  • A decision to commence individual debt reorganization procedure is entered against the participant under the Law on Debt Reorganization and Bankruptcy within 5 years if counted backward from the date when the security is offered (the date of in-service withdrawal request for in-service withdrawal)
  • Other cases such as natural disasters or national emergency, etc. which satisfy reasons and requirements set forth under the Decree of the Ministry of Employment and Labor.