(1) An employer who has established the SME retirement pension fund plan shall pay, in cash, contributions equivalent to at least 1/12 of the total annual wages of a participant (hereinafter referred to as "employer contributions") into the account of the SME retirement pension fund plan of participants (hereinafter referred to as "employer contribution account of fund plan") regularly at least once every year. In such cases, if the employer fails to pay the contributions by the fixed due date (referring to the extended due date, if the payment due date is extended under the standard contract of SME retirement pension fund), he or she shall pay interest in arrears calculated according to the interest rate prescribed by Presidential Decree pursuant to the latter part of Article 20 (3) for the number of days delayed counting from the day immediately following the fixed due date until the actual payment date of contributions.
(2) If an employer fails to pay contributions to a participant where grounds prescribed by Presidential Decree such as retirement of the participant of the SME retirement pension fund occur, he or she shall pay the contributions and the interest for arrears referred to in paragraph (1) into the employer contribution account of fund plan within 14 days from the date such cause occurs: Provided, That the payment due date may be extended by agreement between the parties, in extraordinary circumstance.
(3) Article 20 (4) shall apply mutatis mutandis to the grounds for exclusion of the application of interest for arrears under paragraphs (1) and (2).
(4) Other matters necessary for the methods, procedures, etc. of payment of employer contributions shall be prescribed by Presidential Decree.[This Article Newly Inserted on Apr. 13, 2021]