Retirement benefit is to be paid when the employee retires.

The form of retirement benefit received when retiring is

• 1) a lump sum of money that was accumulated in the retirement pension account and
• 2) annuity for 5, 10 and 15 years or throughout lifetime.

When the employee receives retirement benefit,

• 1) he/she can choose annuity if the age is 55 or older with
• 2) at least 10 years of participation in the pension plan.
      (Those who meet the two requirements can collect money in a lump sum.)

Under the retirement pension plan, when an employee above 55 years old retires, the employee receives the retirement benefit from the retirement pension company and not from the company employed:

If any emergency funds are needed, in-service withdrawal or security loan are the only way to get money from retirement pension. In service withdrawal and security loan are only legally permitted for the following cases.

• A 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 5 years 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.