#IRP
Related posts · 8 posts
Pensions and Retirement in Korea — From Building Up National Pension Years to Drawing It: 119 Months of Back Payment, 70% Early, 136% Deferred, the 15 Million Won Line
Years make the pension, and back payment fills missing ones up to 119 months. Workplace and private pensions open at 55, the National Pension at 65, and the same record pays 70% five years early or 136% five years deferred. 45 guides in the order you meet them.
Severance Tax Deferral Calculator (Korea) — Into an IRP Within 60 Days and No Tax Is Withheld, Refunds If Already Paid, 70%, 60% or 50% When Drawn as a Pension
Under Korean Income Tax Act Art. 146(2), retirement income paid into a pension account within 60 days is not taxed until drawn other than as a pension, and tax already withheld can be refunded. Drawn as a pension, the rate is 70%, 60% or 50% of the lump-sum rate.
Severance Pay Must Go to an IRP in Korea — Within 14 Days, with Five Exceptions Including Leaving After 55
Article 9 of Korea's Employee Retirement Benefit Security Act requires severance to be paid within 14 days by transfer to the IRP account the worker names, or to an IRP in their name. Leaving after 55, small amounts, death, foreign workers departing and deductions under other laws are exceptions.
Pension Account Withdrawal Limit Calculator for Korea — Value ÷ (11 − Year) × 120%; 12 Million Won in Year 1 on 100 Million
Income Tax Decree Article 40-2 treats withdrawals as pension receipt if you apply after 55, 5 years after opening, within the limit. The limit is value ÷ (11 − pension year) × 120%: 12 million won in year 1 on a 100 million won account.
Pension Savings and IRP Tax Credit Calculator (Korea) — Two Caps, and You Need Tax to Owe
The same 9m won lands differently by where it went, and short of tax the rest simply disappears.
Get up to ₩1.48M Back Just for Saving: Pension Savings & IRP (2026)
The common line that an IRP needs “six months of treatment plus 12.5% of wages” does not match the text. The 12.5% test belongs to DC plans; the general IRP article carries no such threshold. Articles 2, 14 and 18 of the Decree, side by side.
The Art of Drawing Down — Korea's 15M Won Rule and Withdrawal Strategy
Everyone explains how to save into a pension. Almost nobody explains how to take it out — where tax varies threefold.
DB vs. DC Retirement Pensions in Korea — Which Should You Pick?
Does the company invest it, or do you? Plus how IRP fits in.