An employer is required to establish a severance pay system whereby an average wage of more than 30 days shall be paid for each year of consecutive years employed as a severance pay to a retired worker; however, if the worker was employed for less than one year, this does not apply.
An employer may, at the request of workers, pay severance pay in advance for the period of continuous employment of the worker concerned by adjusting the balances of remunerations before his retirement. In this case, the number of years of continuous employment shall be counted anew from the moment the latest adjustment of balances has been made.
In cases where an employer is enrolled in a pension insurance program, workers or their beneficiary receive a lump sum payment at the time of retirement, or draw their pensions.
All foreign employees between 18 and 60 years old are obliged to pay into the National Pension Scheme, except those whose country does not cover Korean citizens under its pension scheme, foreigners who are not registered under the Immigration Act, to whom a forced deportation order has been issued under the same Act, or who are staying in Korea without being permitted to extend their term of stay. Those working in one of the following fields are also exempt: culture and art, studying abroad, industrial training, general training, religious, visiting or living together.
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