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As the end of the year approaches, have you taken care of your retirement savings and personal retirement pension (IRP)? It is a tax-saving financial product that provides 16.5% (13.2% for workers with total salary above 55 million won) up to 7 million won (pension savings + IRP) per year.
However, what if a financial consumer who was enjoying the small tax savings suddenly needs a small amount of money and suddenly ends up in the middle? You may get a tax bomb that you didn’t expect. This is because 16.5% of your other income taxes will be deducted if you cancel before the deadline. This is to recover the tax credits you have received.
I signed up without knowing it, but is it unfair because the refund is too small? Actually, I paid 6.2 million won to the pension fund, but after deducting investment loss and other income taxes, the real income amount dropped to 4.39 million won. However, even if a consumer filed a complaint with the financial supervisor stating that it was “incomplete sales”, there was no way to remedy it.
The reason and precautions when signing up for tax-saving financial products are explained in more detail by the That Money video.
Planning = Financial Planning Team, video = Kim Jin-ah · Kim Jae-ha
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