Home > Overview > Guide of EPS 4 Major Insurances
Application and claim procedure for four major insurances under EPS
Type and content of EPS 4 major insurance
Category | Departure Guarantee Insurance | Guarantee Insurance |
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Introduction | As a relief burden on responsibility for retirement payment of small and minor enterprises business | Guarantee for unpaid salary |
Person who subscribe to Insurance | Employer(Employers hiring less than 4 regular employees including new and transferred ones with a labor contract that takes effect after the 1st of August 2011,are required to subscribe to the insurance.) | Employer |
Person insured | Employee (employers will get the benefit if the employee has not reached a minimum of 1 year service or if he has abandoned his work) | Employee |
Insurance fee | According to EPS 8.3% of employee’s salary per month | Per employee 16,000won per year |
Application period | Effectively start after 15 days from the conclusion of the contract | Effectively start after 15 days from the conclusion of the contract |
Case of insurance claim | Saving as a retirement pay(when employee departure or change of working place without desertion worked |
Total unpaid salary - maximum of 2M won |
Claim procedures |
1) foreign workers who has worked for more than one year without desertion or work abandonment (change of working place or departure) - claim application - copy of bank pass book(must reflect the employees' name) - copy of passport or foreigners registration card 2) employers will get the benefit if the employee has not reached a minimum of 1 year service or if he has abandoned his work |
After verification from the department of labor inspector - application for insurance payment - confirmation of unpaid claims and other monetary claims - detail of unpaid itemized statement - copy of bank passbook |
Penalties of non admission or non registration | Pursuant to Act on the Foreign Worker’s Employment Article 13 and enforcement ordinance article 21, impose a penalty less than 5M won | Pursuant to Act on the Foreign Worker’s Employment Article 23 and Enforcement Ordinance Article 27, impose a penalty less than 5M won |
Category | Return Cost Insurance | Casualty Insurance |
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Introduction | Savings or insurance to cover going-home expenses such as air fare of foreign workers | Against death or disability of a foreign worker aside from occupational accidents |
Person who subscribe on the Insurance | Employee | Employee |
Person insured | Employee | Employee |
Insurance fee | 4000,000~600,000won lump sum payment | Lump sum payment(amount depends on gender, age and period of stay) |
Application period | Effectively start after 80 days from the conclusion of the contract | Effectively start after 15 days from the conclusion of the contract (* verify if its 15 days or 80 days) |
Case of Insurance claim | Total amount will be paid upon departure of foreign workers for home country(except temporary return) | Death or disability are not grounds for occupational case
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Claim procedures | After issuing the confirmation departure schedule from Job Center
- claim application - copy of bank passbook - copy of passport or foreigners registration card |
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Sanction of non admission | Pursuant to Act on the foreign worker's employment article 15 and enforcement ordinance article 22, impose a fine for default less than 1M won | Pursuant to Act on the foreign worker's employment article 23 and enforcement ordinance article 28, impose a penalty less than 5M won |