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Subject   Revision on 「 ACT ON THE GUARANTEE OF EMPLOYEES' RETIREMENT BENEFITS (Amendment Date 13. April, 2021) 」
Main Contents of Revision on「ACT ON THE GUARANTEE OF EMPLOYEES' RETIREMENT BENEFITS」Act No.18038 [Amendment Date 13. April, 2021] [Enforcement Date 14. April, 2022]

1. Individual Retirement Pension Plan (IRP) Account Transfer and Exceptions
- The retirement allowance must be paid by transferring it to the IRP account.
- The Enforcement Decree mandates following for exceptions, (e.g. a pension holder retires after the age of 55)

2. Expansion of institutions entrusted education for pension holders
- The existing Ordinance of the Ministry of Employment and Labor stipulated that only mailing and face-to-face training are possible during the initial training
→ Education through e-mail and online education using information and communication networks are possible during the first training of subscribers

3. Administrative fines for insufficient minimum reserves in the Defined Benefit Plan
- Fiscal stabilization plan, which requires equal resolution of the existing reserve shortage within three years → Changed to a plan that resolves at least one-third of the insufficient ratio to the minimum reserve within one year.
- In case of employers, if measures to resolve the shortage of reserves are not taken, fine is imposed.

4. Clarification of laws and regulations governed by administrative interpretation
- Grounds for excluding the period and the total amount of wages are specified, when calculating the contributions through precedents and administrative interpretation
- In case of Defined Benefit Plan, the criteria for calculating charges and the timing of payment are clarified when past working periods is retroactively applied
Criteria for calculating the amount of contribution : the larger amount between "one-twelfth of the total annual wage for one year of the past working period" and "average wage for 30 days for one year of the past working period"
- Time of Payment : Payment on the date determined to include the past working period in the period of contribution

5. Clarification of early withdrawal requirements for the Individual Retirement Pension System (IRP)
- IRP special case presupposes that employees work in the workplace. Therefore, the requirements for withdrawal of the Defined Contribution Retirement Pension Plan are applied in the case of the IRP special case.


File   2022041116124_96.docx
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49 (1/3)
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49 Introduction of New book- Industrial Accident Compensation Manual by Bongsoo Jung, labor attorney  
48 How to use the “dismissal manual” -2nd Edition of Dismissal Manual  
47 English Lectures(12 hours) on Korean Labor Law (4th Term of 2022) by Labor Attorney (Starting July 7 and finishing August 11)
Revision on 「 ACT ON THE GUARANTEE OF EMPLOYEES' RETIREMENT BENEFITS (Amendment Date 13. April, 2021) 」
45 English Lectures(12 hours) on Korean Labor Law (3rd Term of 2022)
44 Korean labor case lectures, 2nd term of 2022. Starting March 10 and finishing on April 14, on every Thursday at 7-9pm.
43 Korean labor law: the fatal accidents punishment act and employer’s obligations (Youtube video, related Article attached)
42 English lectures on Korean labor cases (1st term of 2022) by labor attorney, Bongsoo Jung
41 Revisions of the Labor Laws at the Second Half of 2021
40 Korean labor law lectures in English - 12 hours (each 2 hours every Thursday evening at 7 to 9 pm)  
39 Minimum Hourly Wage decided for 2022, which is 9,160 Korean Won  
38 English lectures on Korean labor cases (every Thursday evening at 7-9) starting July 9; zoom-based
37 Newly enacted law on public holidays and their alternative holidays  
36 The Fatal Accidents Act  
35 The Korean Labor Law Bible (6th edition)
34 Manual on Irregular Employment and "Employee" Status
33 Manual on Working Hours, Holidays and Leaves
32 Announcement to Provide Mangement Service For Foreign-Investment Companies in Seoul
31 Publication of 'Wage Manual'
30 Book on labor union establishment, collective bargaining published in English

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