Korea Workers' Compensation and Welfare Service "Employment and Industrial Accident Insurance Total Remuneration Must Be Reported by March 16"

[Asia Economy Reporter Kim Bo-kyung] The Korea Workers' Compensation and Welfare Service announced on the 23rd that workplaces enrolled in employment and industrial accident insurance must submit the '2019 (applicable year) Total Wage Report' by the 16th of next month.

The total wage amount serves as important basic data for calculating insurance premiums, so it is crucial to report within the deadline for accurate premium calculation.

The recommended reporting method is electronic submission via the Employment and Industrial Accident Insurance Total Service (total.kcomwel.or.kr). Starting this year, for the convenience of employers, reports can be submitted immediately using only the employer's (corporate) public certificate.

When reporting the total wage amount through the Total Service, businesses can receive benefits such as a reduction in employment and industrial accident insurance premiums (up to 10,000 KRW). Additionally, businesses that report early by the 6th of next month will be entered into a drawing to win various prizes such as smartphones and tablet PCs.

If the report is not submitted by the deadline or if the reported total wage amount differs from the actual amount, a fine (up to 3 million KRW) may be imposed, so care should be taken to avoid any disadvantages.

For more details, inquiries can be made to the Service call center (1588-0075), or by referring to the Employment and Industrial Accident Insurance Total Service or the Service website.

In particular, this year, detailed instructions on how to complete the report can be found in the 'How to Report Employment and Industrial Accident Insurance Total Wage' YouTube video.

This content was produced with the assistance of AI translation services.