If you want to save on taxes when receiving your severance pay, the wise choice is to always receive it into an Individual Retirement Pension (IRP) account. Recently, many employees, upon changing jobs or retiring, immediately transfer their lump sum to a regular savings account or spend it right away. However, statistics show that a … Read more
Although the national economic growth rate has risen due to a boom in the semiconductor industry, small self-employed businesses with annual incomes of 12 million won or less have surged by more than 40% in the last four years, revealing severe polarization. According to data from the National Tax Service submitted to the National Assembly, … Read more
Today’s weather features partly cloudy skies across the country, with afternoon high temperatures ranging from 24°C to 29°C, indicating that the late summer heat is persisting. Dense fog is expected in some inland areas until the morning, so extra caution is required for traffic safety during the commute. It is a typical transitional season weather … Read more
Today, Monday, September 28, will see partly cloudy skies across the country, with afternoon high temperatures ranging between 24°C and 29°C. The lingering late-summer heat is subsiding, giving way to distinctly autumnal weather. During the morning commute, dense fog centered on inland areas reduced visibility significantly, but conditions are gradually improving as the morning progresses. … Read more
Corasia CM, a provider of advanced optical solutions, has announced that all executives of its 100% subsidiary, Corasia CM Korea, have purchased shares, demonstrating a strong commitment to responsible management to the market. Following the share acquisitions by the headquarters’ CEO and key executives in July, the management of its core subsidiary has also joined … Read more
If you do not properly manage your Retirement Pension IRP (Individual Retirement Pension) account, you may end up paying a lump sum tax of several million won. Therefore, if you are planning to change jobs or retire, it is essential to understand the specific characteristics of your account. It is common to see people who, … Read more
The Individual Retirement Pension (IRP) account is an essential financial product that must be utilized to save on taxes and accumulate retirement funds during your working life. Many people immediately close their accounts when they receive a lump sum upon changing jobs or retiring, which is a shortcut to facing a tax bomb and losing … Read more
Personal pension savings allow for a tax deduction of up to 6 million won annually during year-end tax settlement, making it the most reliable way to simultaneously prepare for retirement and reduce taxes. As more office workers anticipate retiring earlier than expected, the importance of post-retirement assets is growing, and building wealth through tax-advantaged accounts … Read more
South Korea is currently facing a serious security gap as the country approaches the holiday season, with a severe shortage of key unmanned reconnaissance assets needed to monitor North Korea. While military authorities must closely scrutinize the Northern Limit Line (NLL) and North Korean long-range artillery movements at the front lines, the number of operational … Read more
Closing an Individual Retirement Pension (IRP) account midway can result in a significant tax burden, so careful fund management is essential. Many people close their IRP accounts early due to a sudden need for a large sum of money, only to realize too late that they must pay a substantial amount of miscellaneous income tax. … Read more