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Can any worker receive retirement benefits?

Retirement Plans Payment of Retirement Benefits www.easylaw.go.kr Easy to Find, Practical Law Logo


Can any worker receive retirement benefits?


Employees whose length of continuous employment is one year or longer or whose weekly work hours are 15 or more (based on a four-week average) have the right to receive retirement benefits.


How much can I receive in retirement benefits?


A retiring employee can receive retirement benefits from the employer equal to at least 30 days’ average wage for every year of continuous employment. “Average wage” refers to the total amount of wages paid to the employee during the employment  period, up until three months prior to the event that necessitated retirement calculation, divided by the total number of days in the period.


For detailed legal information, please refer to 「Retirement Plans」 in easylaw.go.kr


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