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KIS partners with K Bank for more accessible IRP services

Collected: 2024.03.05

Distributed: 2024.03.06

Source: Go Direct

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[Photo by MK DB]

Korea Investment & Securities Co. (KIS) will enable customers to open accounts for their individual retirement pension (IRP) plans via a K Bank app, the Korean brokerage firm said on Tuesday.

As one of the country‘s four legal pension plans required for companies with less than ten regular employees, IRP allows employees to deposit spare cash into their retirement accounts. Using the Seoul-based online bank’s mobile app will make it easier for customers to open IRP accounts.

IRP holders are eligible for year-end tax deductions of up to 16.5 percent, or 9 million won ($6,756), of the deposits they paid throughout the year.

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