Overview of Retirement Pension

Win-win partnership between employers and employees – Retirement pension plan
A retirement pension plan is a developed country-type retirement system.

Retirement Pension plan?

A retirement pension plan is a system by which employees reserve their retirement pay in a bank, receive it as a pension after retirement, and enjoy a stable life. The company reserves a specified amount of money monthly or yearly in a bank, and the employees receive the money as a pension or a lump-sum allowance after retirement. Compared with the existing retirement pay system, employees can bolster their right to receive retirement benefits, and the company can enjoy more tax incentives. It ensures a win-win partnership for both employees and employers.

Benefits for employees

  • Better benefit eligibility
    Retirement benefits are reserved in a reliable financial institution and the benefit eligibility for employees is secured.
  • Various ways to receive retirement benefits
    Employees can receive retirement benefits as a lump-sum allowance or a pension.
  • Aggregation of retirement benefits
    Regardless of job transfers, employees can reserve retirement benefits while enjoying tax deferrals on their retirement income tax before retirement.
  • Taxable income reduction
    Availability of taxable income reduction on additional reserve by employees: Up to KRW 7 million including pension savings (as of 2015)
  • Tax-free investment profits during reserve period
    Tax-free : Investment benefits from retirement pension are not taxed (tax deferrals)
  • Tax deferral on retirement income tax
    Retirement income tax is deferred until employees receive retirement benefits, thus increasing real income.

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