(1) For a resident with retirement income, the amount specified in subparagraph 1 shall be deducted from the amount of retirement income for the relevant taxable period, and then the amount specified in subparagraph 2 shall be deducted from the amount calculated by dividing the amount calculated above by the number of years of continuous service (a period of less than one year shall be deemed one year, and the number of years shall be calculated by the formula prescribed by Presidential Decree in cases falling under Article 22 (1) 1; hereinafter the same shall apply) and multiplying the divided amount by 12 (hereafter in this paragraph, referred to as "converted wages"): <Amended by Act No. 12852, Dec. 23, 2014; Dec. 31, 2022>
1. The following amount determined according to the number of years of continuous service:(3) Deduction pursuant to paragraphs (1) and (2) shall be referred to as "retirement income deduction."(4) Necessary matters regarding the method of calculating the retirement income tax deduction shall be prescribed by Presidential Decree. <Amended by Act No. 11611, Jan. 1, 2013>
(5) Deleted. <by Act No. 11611, Jan. 1, 2013>[This Article Wholly Amended by Act No. 9897, Dec. 31, 2009]