Labor and Welfare Corporation Retirement Pension Receipt Method
Retirement pay is like a gift for a fresh start. These days, a lot of people are operating as a retirement pension system. The retirement pension of the Labor Welfare Corporation has many advantages. From the point of view of business operators who sign up, the fee is low, and from the point of view of retirees, it is even safer because it is a public institution.
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Labor and Welfare Corporation Retirement Pension?
Advantages of Labor Welfare Corporation
Workers’ Compensation & Welfare Corporation Retirement Pension Inquiry 근로복지공단 퇴직연금 조회
Labor and Welfare Corporation Retirement Pension Payment and Receipt 좋은뉴스
Labor and Welfare Corporation Retirement Pension?
Subscription conditions: Retirement pension available only to businesses with 30 or fewer employees at the time of subscription
Retirement pension is a type of severance pay that is received in the form of an annuity rather than a lump sum. Employers accumulate severance pay in advance at financial institutions, etc., and workers receive severance pay from contracted financial institutions after retirement. (Severance Pay vs Retirement Pension (at a glance)
As a business owner, you can save tax by paying full expenses and avoid financial pressure by installment savings.
Employees can receive a pension instead of a lump-sum retirement payment, and benefit from income deductions through additional payments.
Advantages of Labor Welfare Corporation
Safe because it is a public institution
Low fees and low cost due to deferred taxation
Easy with simplified procedure
Because it is a public institution, it can be said that the biggest feature is that it is safe and inexpensive.
Workers’ Compensation & Welfare Corporation Retirement Pension Inquiry
Go to Homepage
If you access the homepage and go to the [Electronic Civil Service Center] tab, you can see various items.
In the “My Retirement Pension” menu, you can check the retirement pension status and document registration details, and in the “Asset Status”, you can check the reserve fund management status, balance inquiry by product, and the status of risky assets.
Labor and Welfare Corporation Retirement Pension Payment and Receipt
DB type
DC type
In the case of the DB type, it is normal when the settlement is completed and recorded in the bankbook within 14 days after leaving the company. However, if the company is operating as a DB type and you have not received severance pay after 14 days, you can report it to the Ministry of Employment and Labor.
In the case of the DC type, severance pay is put into the employee’s individual IRP (Individual Retirement Pension Account) at the time of resignation. So, when the retirement date is near, the company will ask for a copy of the bank account and bankbook from the bank where the company is saving the retirement money. Then, after the settlement, it will come into the individual retirement pension account.
✔️ If you continue to operate your retirement pension here, you can leave it, but if you want to settle it, you can close your IRP account.