Guide of EPS Four Major Insurances by Type

Guarantee Insurance(purchased by employers)

Cover unpaid wages(maximum 2,000,000 KRW stated on the Standards Labor Contract and file an administrative litigation of difference wages

  • Mandatory purchaser
    • ① Employer or workplace hiring less than 300 regular employees
    • ② Employer or workplace not complied by Wage Claim Guarantee Act
  • Application period
    • Join the insurance within 15 days from the effective date of labor contract
  • Application document
    • 1 copy of License & Permit Bonds Application Form
  • Payment of foreign workers
    • Notifies unpaid wage to the Ministry of Employment and Labor and verify the fact→ Cancel the labor contract due to overdue wage and change workplace → file a claim with Seoul Guarantee Insurance Co., Ltd. → Paid from Seoul Guarantee Insurance Co., Ltd.
  • Refund(employer)
    • If the contract expired due to foreign workers' desertion, departure and ect., without overdue wage, not passed insurance payment will be refunded excluding passed insurance premium
      ※ request branch offices of Seoul Guarantee Insurance Co., Ltd. with refund request form, passport or foreigners registration card, seal registered, certificate of seal