(1) Where an employee retires, the employer shall pay such employee a retirement allowance within 14 days from the date when the grounds for payment occurs: Provided, That the payment deadline may be delayed under an agreement between the parties concerned, in extraordinary circumstances. <Amended on Apr. 13, 2021>
(2) The retirement allowances prescribed in paragraph (1) shall be paid by transfer to the account of individual retirement pension plan designated by employees or the account under Article 23-8 (hereinafter referred to as "account of individual retirement pension plan, etc."): Provided, That the same shall not apply where any other grounds prescribed by Presidential Decree exist, such as where an employee receives benefits after retirement at the age of 55 or over. <Newly Inserted on Apr. 13, 2021>
(3) Where an employee fails to designate an account of individual retirement pension plan, etc. under paragraph (2), the employer shall transfer the retirement allowances to the account of individual retirement pension plan in the name of the employee. <Newly Inserted on Apr. 13, 2021>[Title Amended on Apr. 13, 2021]