If you select a reason such as housing, Jeonse, medical expenses, or bankruptcy, compare the eligibility for interim settlements and early withdrawals, required documents, and the amount received.
Whether you need to pay a Jeonse deposit and are wondering if you can receive an interim settlement of your severance pay, if you are eligible due to being at a wage peak, or if you can make an early withdrawal from a Defined Contribution (DC) plan—if you select your reason, it checks the conditions one by one and immediately shows you whether it is possible.
If you need to pay a Jeonse deposit and are wondering if you can receive an interim settlement of your severance pay, whether you are eligible due to a wage peak, or whether you can make an early withdrawal from a Defined Contribution plan, select your reason, and it will immediately show you whether it is possible.
[Use This When]
- When you want to know if you are eligible for an interim settlement of your severance pay because you need to buy a house or secure a Jeonse deposit.
- When you are wondering if family medical expenses exceeding 12.5% of your annual wages constitute grounds for settlement.
- When you are considering an interim settlement because your severance pay has decreased due to the wage peak system or reduced working hours.
- When you want to check if your reason is eligible for an early withdrawal from a Defined Contribution (DC) retirement pension.
[What You Can Do]
1. Determination of Interim Settlement/Early Withdrawal — Select the system between severance pay/DB interim settlement and DC early withdrawal. Then, choose a reason from among home purchase, Jeonse deposit, medical expenses for nursing care exceeding 6 months, bankruptcy, personal rehabilitation, wage peak system, reduced working hours, disaster, or repayment of retirement pension secured loans. The system will check the requirements one by one and inform you whether it is "Highly Probable," "N Conditions Remaining," or "Not a Reason." It will manually calculate whether medical expenses exceed 12.5% of your total annual wages, and whether bankruptcy or rehabilitation is within 5 years.
** 2. Document Checklist by Reason — Check off and gather commonly required documents such as contracts, certified copies of the land register, medical certificates, and court decisions. The check status is recorded on the device.
3. Receive Now vs. Until Retirement — Calculate the daily average wage based on the last three months' earnings and calculate "Average Wage × 30 Days × Years of Service." It displays the amount received if settled now, and compares this with the option of not settling and waiting until retirement if wages increase.
4. New Starting Point for Service After Settlement — Upon settlement, the period of service is recalculated from the time of settlement. The service track on the first screen is laid from the date of hiring to today; sections that have already been settled are shown in a faded color, and a flag stands at the new starting point.
5. Application Records and Deadline Notifications — Records applications, payments, and rejections by date and amount. For reasons of bankruptcy or rehabilitation, notifications are provided 30 days, 7 days, and at 9:00 AM on the day of the deadline, which is five years from the date of the declaration (commencement).
[Notice]
- This assessment is for reference only. Even if the criteria for the reason are met, interim settlements are paid by the company, so company approval and verification of employment rules are required. For DB and DC plans, verification of the bylaws and the retirement pension provider is necessary.
- The list of documents is a common example and not mandated by law. Please prepare the actual documents as required by your company or provider.
- Retirement income tax is not calculated. Taxes are withheld at source upon receipt, and future tax amounts may vary, so please verify with a tax professional or the National Tax Service.
- This app does not apply on your behalf to your company and does not provide labor, legal, or tax advice.
- The reference values (medical expenses 12.5%, 5-year window, list of reasons) are updated automatically without app updates if the law changes.
- [Official Sources]
- National Law Information Center, Employee Retirement Benefit Guarantee Act, Enforcement Decree, Labor Standards Act: https://www.law.go.kr
- Ministry of Employment and Labor: https://www.moel.go.kr · Korea Workers' Welfare Service: https://www.comwel.or.kr
This app is an unofficial app that does not represent the government or public institutions.
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