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Revision on 「 ACT ON THE GUARANTEE OF EMPLOYEES' RETIREMENT BENEFITS (Amendment Date 13. April, 2021) 」 |
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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.
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[ENG]2022년_근로자퇴직급여보장법_개정사항_220411.docx |
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120
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Pending publication of 500 Supreme Court judgements concerning labor law
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119
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Korean labor law: employment and labor inspection manual expected to be published soon
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118
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Korean labor law app development for automatically generating each chapter of the rules of employment
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117
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Korean minimum wage for 2025 was decided last night. It is 10,030 KRW, 1.7% increased from this year 2024. Monthly minimum wage is 2,096,270 KRW, which includes weekly holiday allowances.
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116
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Korean labor law app development- admin section is re-arranged: combination of similar functions
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115
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Korean labor law app - update : major templates and regulations - preview page made for each section
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114
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The final draft of The Korean Labor Law Bible is made today. This Bible will be 7th edition since the first edition was published in 2005.
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113
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Korean labor law app development project: Additional grouping into 5 categories, rearranging the order of sections, and adding automatic calculation functions to the display
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112
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Lectures on Korean labor cases will be delivered in English. The first class starts July 4 at 7 p.m.
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111
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KangNam Labor Law Firm participated in the roadshow in Hong Kong to attract HK companies and BJ Jung introduced visiting of HK city.
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110
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Korean labor law website has been updated. It introduces topics on the first page to look up things.
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109
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Korean labor attorney, bongsoo Jung participates in road show of Invest Korea at Hong Kong to attract firms
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108
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Korean labor app : contents grouping - employment contract, workplace harassment and restructuring
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107
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Quarterly magazine “Labor Cases” has published. This is a summer 2024 version, volume 65 since 2008.
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106
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Korean labor portal site project : www-labor.com site will include links to APP of Korean Labor Law
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105
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Korean labor law: grouping of wage / severance pay; grouping of working hours/annual leave/holidays
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104
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Korean labor union management under on category
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103
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App development: grouping wages and severance pay, working hours - annual leave - holiday, and union
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102
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Korean labor law: app functions grouping for labor auditing and for foreign employment and visa
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101
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Grouping functions of industrial accident compensation in APP development
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