Home > Notices > Notices
 
  Notices
Notices
Weekly Contributions
Monthly Contributions
Quarterly Labor cases

Connect to the app
The main business
  Notices
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   [ENG]2022년_근로자퇴직급여보장법_개정사항_220411.docx
[List]

103 (1/6)
No Subject
103 App development: grouping wages and severance pay, working hours - annual leave - holiday, and union  
102 Korean labor law: app functions grouping for labor auditing and for foreign employment and visa
101 Grouping functions of industrial accident compensation in APP development
100 Korean labor case-study lecturers in English - starting May 9, 2024 - register at www.k-labor.com
99 Korean labor law app development: grouping of occupational accident compensation, labor auditing,  
98 Korean labor books selling at App - 13 publications with 10% discount and free delivery  
97 Publication of quarterly “Labor Cases”, Spring version of 2024 (65th edition)  
96 Korean 500 labor precedent cases were uploaded in App contents - it is a great job ever made in App  
95 Korean labor law lectures - zoom online -starting March 12 - register your attendance at k-labor.com  
94 Korean labor law: introduction of 2nd edition- Manual on Working Holidays and Leaves  
93 APP: Development for labor-management council establishment, and reporting form & templates uploaded  
92 New edition: Manual on Working Hours, Holidays, and Leave  
91 Korean labor law: APP functions added (notice, weekly and monthly articles, quarterly labor cases)  
90 Korean labor law: app’s new functions - periodicals (weekly, monthly, and quarterly) and LMC adding  
89 Korean labor law magazine- Labor Cases - Winter 2023, 64th edition - which includes labor cases  
88 Korean labor law lectures on labor cases (6 times in January and in February) on Tuesday evening  
87 Seminar on Support and Development Strategies for Labor-Management Relations in Foreign-Invested Enterprises in 2023  
86 (For November and December) Korean labor lecturers in English - 6 times from Nov 14 every Tuesday at 7 to 9 pm about labor cases: its first day starts on November 14, 2023 (Tuesday)  
85 publication of second edition, Wage Manual  
84 Korean labor law: rules of employment - automatic making by using standard templates - bilingual  

[First][Prev] [1] 2 3 4 5 6 [Next] [Last]
     

[Address] A-1501 406, Teheran-ro, Gangnam-gu, Seoul 06192 Korea (Daechi-Dong, Champs Elysees Center)

Tel : 02-539-0098, Fax : 02-539-4167, E-mail : bongsoo@k-labor.com

Copyright© 2012 K-Labor. All rights reserved.  [Privacy Policy]