IBK Industrial Bank of Korea and Ministry of Employment and Labor Publish Financial Verification Guidebook for SME Retirement Pensions

From Basics to Advanced Sections Provided

IBK Industrial Bank of Korea and the Ministry of Employment and Labor announced on November 14 that they have produced and distributed a guidebook for defined benefit (DB) retirement pension financial verification.

This initiative is a follow-up task to the business agreement signed by the two organizations in May to promote qualitative growth of DB retirement pension plans.

The aim is to strengthen the practical capabilities of retirement pension managers at small and medium-sized enterprises and to improve employees' understanding of retirement pensions.

The guidebook consists of a "Basic Financial Verification" section for verifying the adequacy of DB reserves, an "Advanced DB Plan System" section covering labor, tax, and accounting matters, and a "Key Questions from the Field" section.

A consonant quiz event will also be held until December 9. Participants solve quizzes related to the DB retirement pension system using Korean consonants. The first 5,100 participants who answer correctly will receive a mobile coffee coupon.

Anyone can participate in the event through the i-ONE Bank (Personal) application.

An IBK Industrial Bank of Korea representative said, "As the number one retirement pension provider based on the number of companies enrolled in DB plans, we will continue to identify and implement public-private collaboration projects with the Ministry of Employment and Labor. Through these efforts, we aim to drive the qualitative growth of DB plans and ultimately protect employees' rights to receive retirement benefits."