Today, we will learn about how to check retirement pension and the types of retirement pension. Retirement pensions can be easily searched online. From April 14, 2022, all workers’ retirement benefits have been revised to be paid through IRP accounts.
You can check your severance pay on the integrated pension portal and check the accumulated severance amount. At the same time as checking the accumulated retirement pension, you can check which bank your retirement pension is in and in what form, as well as the pension start date.
How to check severance pay
Even if you check your retirement pension, it does not show the exact amount you can actually receive because there are cases where payment has not yet been made by the company or the settlement has not been processed. Retirement pensions are managed and operated by financial companies.
When a worker retires, it can be paid as a pension or lump sum. However, if the recipient of retirement benefits is 55 years of age or older, they can receive payments through a general account regardless of whether they have enrolled in a retirement pension.
Financial Supervisory Service Integrated Pension Portal Retirement Pension Inquiry
Access the Financial Supervisory Service Integrated Pension Portal website
[My pension inquiry. Select [Financial Planning] or [View My Pension]
Sign up and log in
Retirement pension inquiry
When you first check your pension information, you can check the results after about 3 business days. From then on, the pension information is updated at the end of each month and can be viewed immediately.
Korea Workers’ Compensation and Welfare Service retirement pension inquiry
Access the Korea Workers’ Compensation and Welfare Service’s retirement pension website
Sign up and log in
Select [Retirement Pension Status]
Retirement pension inquiry
Types of retirement pension
There are three types of retirement pension systems: DB type, DC type, and IRP type. The Korea Workers’ Compensation and Welfare Service’s retirement pension can only be subscribed to as a corporate defined contribution type (DC type), and enrolled workers must receive mandatory retirement pension training at least once a year. This is because workers must manage it themselves.
Learn about retirement pension systems
This refers to a system in which a company saves retirement benefit resources at an external financial company, and the financial company operates it according to the instructions of the company or the worker, and pays it as a lump sum or pension according to the worker’s choice when the worker retires.
Retirement pension type descriptionFixed benefit retirement pension
DB (Defined Benefit) company decides the management product,
Depending on the average wage of the three months immediately preceding retirement and the number of years of service.
Defined contribution retirement pension system that pays total retirement benefits to workers
DC (Defined Contribution): A certain percentage (more than 1/12) of the total annual wages every year.
s retirement benefits are accumulated as part of the worker’s contribution, and the worker
Institutional corporate IRP that determines management products
(Individual Retirement Pension) Companies with less than 10 full-time employees must obtain consent from individual workers.
When receiving or setting an IRP according to the worker’s request
Individual IRP, a system that recognizes the establishment of a retirement benefit system for the relevant worker
(Individual Retirement Pension) Management of retirement benefits received by retired workers upon retirement.
A system that allows employed workers to save and operate additional savings in addition to DB/DC at their own expense and then receive them as a pension.
finish
Today, we learned about how to check retirement pension and the types of retirement pension. To prepare for retirement, it is helpful to check in advance the amount of pension you can receive after retirement and the pension information you are enrolled in. Currently, most workers subscribe to a defined benefit retirement pension (DB).
Since July of this year, the government has been applying the default option while converting the retirement pension to a defined contribution retirement pension (DC). Retirement pension alone is not enough to prepare for retirement, but if you accurately identify your current status and fully understand retirement pension, you will be able to enjoy a happy retirement.
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