The Ministry of Employment and Labor says more workers will be allowed to join individual retirement pension programs starting in July this year.

The ministry on Thursday issued an advance notice of a revision to an ordinance on guaranteeing retirement benefits so that more people can become eligible for it.
 
Under the revision, all types of workers, including self-employed people, government officials, soldiers and teachers, will newly be able to qualify for individual retirement pension programs.
 
The individual retirement pension refers to a financial scheme that allows workers to build a fund for post-retirement life by paying pension premiums in addition to retirement benefits provided by their previous employers.
 
Under the current income tax act, members of individual retirement pension plans are eligible for tax deductions of up to seven million won, or five-thousand-780 U.S. dollars, a year on their premium payments.