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First self-employed person sets up IRP account

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Every employed earner can set up an individual retirement pension (IRP) account from July 26th.




Jul. 26, 2017


According to the Ministry of Employment and Labor (MOEL), it held an event at Shinhan Bank's headquarters in Jung-gu, Seoul on July 26th (Wed.) to give encouragement to the first self-employed person to set up an Individual Retirement Pension (IRP) account.


Vice Minister of Employment and Labor Yi Sung-ki stressed, "The expansion of the scope of people eligible to set up an IRP account means that the opportunity to be able to prepare for old age was extended virtually to all employed people including the self-employed."


He said, "IRP will give practical help to employed people in securing old-age income since it enables them not only to get tax benefits but also to enjoy investment returns." 


Last Modifide Date   :   Thu August 24, 2017
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