Financial Supervisory Service imposes a 37.8 million KRW fine on Samsung Life for violating the Retirement Pension Act

On the 26th, the Financial Supervisory Service announced that it imposed a fine of 37.8 million KRW on Samsung Life Insurance for violating the notification regulations regarding the results of the retirement pension financial verification. Related employees were given warnings and sanctions for matters requiring voluntary handling.

Samsung Life Insurance did not notify all employees of the verification results for 58 defined benefit retirement pension contracts, whose reserves were less than the minimum reserves, during the financial verification conducted from May 1, 2018, to July 22, 2022.

According to relevant laws, retirement pension providers must notify the labor union, which more than half of the employees have joined, in writing if the reserves of the defined benefit retirement pension system are less than the minimum reserves as a result of the financial verification.

If there is no labor union joined by more than half of the employees, the notification must be made to all employees either in writing or through information and communication networks. Furthermore, if the financial verification results show that the reserves do not meet the levels prescribed by law, the results must be notified to the labor union or all employees.