Yoon Seok-yeol: "I Will Eliminate Income Tax on Severance Pay Under 50 Million Won"

Seokyeol-ssi's Heart-Throbbing Promise 40th Episode

On the 13th, two days before the official start of the campaign for the 20th presidential election, officials at a vehicle advertising company located in Paju-si, Gyeonggi-do, are producing and inspecting the campaign vehicle for Yoon Seok-yeol, the presidential candidate of the People Power Party. Photo by the National Assembly Press Photographers Group

[Asia Economy Reporter Lee Hyun-joo] Yoon Seok-yeol, the presidential candidate of the People Power Party, pledged on the 14th that "no tax (retirement income tax) will be imposed on retirement pay of 50 million won or less."

On the same day, Yoon made this announcement as his final "Seok-yeol's Heart-throbbing Promise (40th)" saying, "Retirement pay is a precious seed money to design a second life."

The current retirement income tax is collected differentially after deducting years of service and converted salary. For example, if someone retires from a job after working for 10 years and receives 50 million won as retirement pay, they must pay about 920,000 won in retirement income tax.

Yoon's camp expects that about 95% of people, excluding a very small number of high-income earners, will benefit from this pledge. As of 20220, the scale of retirement income tax on amounts of 50 million won or less is about 240 billion won, which corresponds to about 18% of the total retirement income tax revenue of approximately 1.4 trillion won.

Through a press release, Yoon said, "We will prepare policies that can provide practical help to retirees starting a new life."

This content was produced with the assistance of AI translation services.