Contributing 9 million won across a yeongeum-jeochuk (private pension savings account) and an IRP returns up to 1,485,000 won in tax credits. But the credit is deferral, not exemption — the net figure needs its own calculation.
Korea's hometown love donation (gohyang sarang gibu) credits 100% of the first 100,000 won and 44% of the next 100,000. Add the 30% gift cap and the break-even sits near 207,000 won.
Yeongeum-jeochuk (private pension savings) and IRP share one annual tax-credit ceiling of 9 million won, but a single pension savings account counts only up to 6 million. Split it wrong and the same deposit returns 495,000 won less.
Pension savings 6M won, combined with IRP 9M won — the credit calculation is just two numbers: limit and rate. 16.5% vs. 13.2% splits at the 55M won salary line. This guide shows the formula behind up to 1,485,000 won in refunds and which account to fill first.