Enforcement Rules of the Labor Pension Act Article 11

In the event that the business entity is reorganized or transferred ownership in the manner prescribed by Article 20 of the Labor Standards Act or is party to a merger/acquisition as prescribed by the Business Mergers and Acquisitions Act and the Financial Institution Mergers Act, the remaining employees choice of retirement mechanism and retention of annual wages as regulated by Paragraphs 2 to Article 8-1, Paragraphs 1 and 2 to Article 9, Paragraph 1 to Article 11 or Paragraph 1 to Article 35 of the Act shall be administered by the business entity that remains following the merger, reconstitution or takeover.