Public Administration News
Share
.jpg) |
S. Korea: Gov't to Restrict Interim Retirement Payment |
| Source: |
world.kbs.co.kr |
| Source Date: |
Tuesday, July 17, 2012 |
| Focus: |
ICT for MDGs
|
| Country: |
Korea (Republic of) |
| Created: |
Jul 24, 2012 |
|
The government is placing restrictions on the interim retirement payments in a move to help retirees secure a more stable financial future. Interim retirement payments are retirement funds that people are allowed to tap into before their employment is terminated.
The Employment and Labor Ministry said on Tuesday that a revision to the employee’s retirement fund law has passed at a Cabinet meeting to that effect.
Under the revision, the interim retirement payment will be allowed only when employees purchase a house or need money for jeonse, which is a long-term rent based on a large lump sum deposit. Workers will also be allowed to cash in their retirement fund should they declare bankruptcy during the last five years at their company or should they need medical treatments for more than six months.
The revision also bans a lump sum payment system for employees who retire before the age of 54.
|
|
|
|
|
|
 Tag This |
S. Korea: Gov't to Restrict Interim Retirement Payment The government is placing restrictions on the interim retirement payments in a move to help retirees secure a more stable financial future Interim retirement payments are retirement funds that people are allowed to tap into before their employment is terminated
 Tell A Friend |
|
 del.icio.us digg this Slashdot |
| Rate: |
0 ratings
|
Views: |
38 |
| Comments: |
0 |
Favorited: |
0 |
Bookmarked: |
0 |
Tagged: |
0 |
|
|
|
|