Article 43(Retirement pension or lump-sum retirement pension) #
(1) If a public official retires after serving for 10 years or more, a retirement pension shall be paid from the time when he or she falls under any of the following until his or her death: <Amended on Jan. 7, 2025>
1. Where he or she reaches the age of 65;
2. When 5 years have elapsed since he or she reached the retirement age or upper age limit for service if the statutes, regulations, etc. relating to the appointment of public officials prescribe a retirement age or an upper age limit for service of less than 60 years (if no upper age limit for service is prescribed for the relevant public official, the upper age limit refers to the age prescribed by Presidential Decree in consideration of the upper age limit, etc. applicable to public officials in similar positions under the statutes, regulations, etc. relating to the appointment of public officials);
3. When 5 years have elapsed since he or she retired upon reaching the class retirement age prescribed by the statutes, regulations, etc. relating to the appointment of public officials;
4. When 5 years have elapsed since he or she retired because his or her position was abolished or excess personnel arose as a result of the amendment or abolition of the organizational structure and authorized staffing levels, or a reduction in the budget, etc.;
5. When he or she comes to fall under a disability status prescribed by Presidential Decree.
(2) Notwithstanding paragraph (1), if a public official who has retired after serving for 10 years or more wishes to receive a retirement pension before the time at which payment of the retirement pension begins under paragraph (1)1 through 4, an amount determined in accordance with the classifications set forth in the following subparagraphs based on the number of years falling short of that time (hereinafter referred to as “shortfall years”) may be paid to him or her as an early retirement pension until his or her death:
1. Where the shortfall years are 1 year or less: 95 percent of the amount equivalent to the retirement pension;
2. Where the shortfall years exceed 1 year but are 2 years or less: 90 percent of the amount equivalent to the retirement pension;
3. Where the shortfall years exceed 2 years but are 3 years or less: 85 percent of the amount equivalent to the retirement pension;
4. Where the shortfall years exceed 3 years but are 4 years or less: 80 percent of the amount equivalent to the retirement pension;
5. Where the shortfall years exceed 4 years but are 5 years or less: 75 percent of the amount equivalent to the retirement pension.
(3) If a person entitled to a retirement pension or an early retirement pension under paragraphs (1) and (2) so requests, a lump-sum retirement pension may be paid in lieu of the retirement pension or the early retirement pension or, with respect to any period selected by the person out of his or her length of service exceeding 10 years (or, if a recipient of a retirement pension, an early retirement pension, or a veterans' retirement pension has had his or her length of service aggregated under Article 26, the aggregated length of service), a lump-sum retirement pension after deductions may be paid in lieu of the retirement pension or the early retirement pension corresponding to that period.
(4) The amount of a retirement pension under paragraph (1) shall be 1.7 percent of the average standard monthly income per year of the length of service (if the length of service is less than 1 year, 1 month shall be calculated as 1/12 year; hereinafter the same shall apply); provided, the length of service shall not exceed 36 years.
(5) The lump-sum retirement pension under paragraph (3) shall be calculated in accordance with the following formula; in such cases, any period of less than 1 year in the length of service shall be calculated on the basis that 1 month equals 1/12 year, and any period exceeding 36 years shall be calculated as 36 years:
〔별표·서식 이미지 — 상단 '원문 보기'에서 확인〕
┌────────────────────────────────────────┐
│퇴직한 날의 전날이 × 재직연수 × [ 975 + 65 (재직연수-5) ] │
│속하는 달의 ───── ───── │
│기준소득월액 1,000 10,000 │
└────────────────────────────────────────┘
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(6) The lump-sum retirement pension after deductions under paragraph (3) shall be calculated in accordance with the following formula; in such cases, the deductible length of service refers to the length of service that the retiring public official wishes to have included in the calculation of the lump-sum retirement pension after deductions, and any period of less than 1 year shall be calculated on the basis that 1 month equals 1/12 year:
〔별표·서식 이미지 — 상단 '원문 보기'에서 확인〕
┌────────────────────────────────────────┐
│퇴직한 날의 전날이 × 공제 × ( 975 + 65 × 공제 ) │
│속하는 달의 재직연수 ───── ───── 재직연수 │
│기준소득월액 1,000 10,000 │
└────────────────────────────────────────┘
</img>
(7) If the amount calculated under paragraph (5) is less than the amount obtained by adding interest under Article 379 of the Civil Act to the member contributions already paid, the latter amount shall be paid in lieu of the amount calculated under paragraph (5).
(8) The Minister of Personnel Management shall confirm retirement under paragraph (1)4, as prescribed by Presidential Decree.