Employment-related Insurances

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EPS 4 Major Insurances

Incheon Job Center website : www.work.go.kr/incheon ☏(032)460-4701
■ What are the EPS 4 Major Insurances?
    The EPS 4 Major Insurances are 4 different types of insurance (Departure Guarantee Insurance,
    Guarantee Insurance, Return Cost Insurance, and Casualty Insurance) that a foreign worker and
    his or her employer are required to take out according to "The Act on the Employment of Foreign
    Workers, etc."

■ Eligibility
    The Departure Guarantee Insurance and Guarantee Insurance are to be taken out by the employer
    whereas the Return Cost Insurance and Casualty Insurance are to be taken out by the foreign
    worker. As purchase of the Departure Guarantee Insurance and Guarantee Insurance is a prerequisite
    for obtaining an employment permit, the employer ought to check if purchase is possible
    through a job center beforehand.

 ※ Contact general financial institutions such as Samsung Fire & Marine Insurance, Co., Ltd and
    Seoul Guarantee Insurance, Co., Ltd for direct purchase of the relevant insurance product.
 
Classification Purchased By Details Insurance Fees
Departure
Guarantee
Insurance
Employer An insurance for retirement pay in the event of
a foreign worker's departure from Korea etc.
8.3% of employee's total wages per month (to be paid monthly)
Guarantee
Insurance
Employer An insurance that guarantees unpaid wages
for foreign workers
One-time payment,
15,000 won per employee per year
Return Cost
Insurance
Foreign
Worker
An insurance that covers the going-home
expenses of foreign workers
One-time payment or a maximum of 3 installments, different from country to
country (400,000 to 600,000 won)
Casualty
Insurance
Foreign
Worker
An insurance that insures against death or
disability of a foreign worker aside from
occupational accidents
One-time payment, 3 years / 20,000 won
Differential rates according to gender and age etc.
 

Social Insurance


Social insurance is an insurance scheme that insures citizens against social dangers.
A typical example would be the Industrial Accident Insurance (mandatory purchase) for occupational accidents,
the Health Insurance (mandatory purchase) for illnesses and injuries, the Employment Insurance (mandatory purchase)
for unemployment and the National Pension (reciprocity policy) for disability, death and old age etc. These 4 major types
of insurance are known as the 4 Major Social Insurances. Foreign workers may also receive various benefits through the
purchase of social insurance.

※ Insurance fees are deducted in full when wages are received from employer.
※ Purchase-related inquiries may be made through the websites and call centers of the relevant institutions.
 
National Health Insurance ☏ 1577-1000
    National Health Insurance Service website : http://www.nhis.or.kr (Available in Japanese, Chinese
    and Vietnamese)
 
Industrial Accident Compensation Insurance ☏1588-0075
    Korea's Workers Compensation & Welfare Service website : http://www.kcomwel.or.kr (Available in English)
 
Employment Insurance ☏(032)460-4701
    Job Center website : http://www.work.go.kr/jobcenter
 
National Pension ☏ 1355
    National Pension Service website : http://www.nps.or.kr (Available in English, Chinese, Indonesian,
    Thai and Mongolian)
 

 
※ Source : Guidebook for foreigners, daily living information in Incheon
 




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