A Korean pension account for severance pay and your own money
An IRP is the individual retirement pension set up under Korea's Employee Retirement Benefit Security Act. Severance pay can be moved into it, and workers or the self-employed can add their own contributions to invest. The tax credit is shared with pension savings, up to ₩9 million a year in total (as of 2026). Benefits start at 55, and earlier withdrawals are allowed only for reasons set in law, such as buying a home when you own none or six months or more of medical treatment.
Someone with ₩6 million in pension savings who adds ₩3 million to an IRP has ₩9 million eligible for the credit (as of 2026).
For learning, not investment advice. Decisions are your own.
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