Guide of EPS Four Major Insurances by Type
Departure Guarantee Insurance(purchased by employers)
Saving the amount as retirement pay per month based on the wage stated on labor contract
Insurance premium = retirement pay-insurance fee
- Companies with more than one regular employee are subject to mandatory subscription to the insurance for the workers' severance payment within the 15days of the contract effectuation. Employer hiring foreign workers with a remaining contract of more than a year.
- Join the insurance within 15 days from the effective date of labor contract
- 1 copy of insurance agreement, 1 copy of automatic withdrawal application form, 1 copy of bank passbook(named of employers or of corporation)
- Foreign worker's desert or working less than 1 year → Employers submit Employment Change Application Form to the Job Center → submit Payment Claim Application Form to Samsung Fire & Marine Insurance Co., Refund(foreign worker)
- If departing to home country after working for over 1 year without desertion : foreign workers submit Departure Schedule Confirmation Form to the Job Center → submit Payment Claim Application Form to Samsung Fire & Marine Insurance Co., Ltd.
- If changing workplace after working for over 1 year : foreign workers shall submit Workplace Change Application Form to the Job Center → foreign workers submit Payment Claim Application Form to Samsung Fire & Marine Insurance Co., Ltd.