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Retirement Plans

Retirement Plans
An employer offering retirement benefits to employees on a lump sum basis must pay an amount worth at least 30 days’ average wage for every year of continuous employment to retiring employees.

As for retirement pension plans, three types exist: defined benefit pension plan, defined contribution pension plan and individual retirement plan. A defined benefit pension plan is a retirement plan in which the employee receives a predetermined amount of benefits upon retirement. A defined contribution pension plan is a retirement plan in which the employer contributes toward an employee’s retirement a predetermined amount of money, corresponding to one-twelfth of the annual wage. An individual retirement plan is a program allowing an employee to transfer retirement benefits received upon leaving a job or retirement to an individual savings account, specifically designed for this purpose.

Key Contents

  •    To view the original text of the statutes in English,
       use the English-Version Statutes of the Korea Legislation Research Institute (KLRI).

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