850,000 Construction Workers, Apply for Retirement Deduction Funds at the Post Office

[Asia Economy Reporter Hwang Junho] Construction workers can now apply for their retirement pension at nearby post offices.

The Ministry of Science and ICT's Postal Service Headquarters signed a business agreement on the 20th with the Construction Workers' Mutual Aid Association regarding "Agency reception of construction workers' retirement pension applications and consignment issuance of electronic check cards."

The construction workers' retirement pension is a system that pays retirement pensions to construction workers who frequently move between various construction sites by summing up their work records at each site and the retirement pension paid by the employer when they retire.

The government expanded the eligible recipients and application locations last year. According to the Construction Workers' Mutual Aid Association, the retroactive application target is estimated to be a total of 850,000 people.

Previously, only those with 252 or more days of retirement pension contributions or aged 60 or older were eligible to apply, but the eligibility has been expanded to include those with fewer than 252 days of contributions who are 65 or older, or in cases where the insured person has passed away. The application locations have also been expanded from only the Construction Workers' Mutual Aid Association website and seven branch offices nationwide to include local post offices.

Post offices will start accepting retirement pension applications from the 27th. Construction workers who meet the eligibility criteria can apply at a nearby post office by bringing their ID.

On the 18th, a notice about delays and suspension of acceptance for international express (EMS) mail delivery was posted at Gwanghwamun Post Office in Seoul. Due to the impact of the novel coronavirus disease (COVID-19) outbreak, international flights have been canceled, resulting in the suspension of EMS mail acceptance to over 40 countries. Even for countries where acceptance is possible, delivery times are delayed as flights are reduced and mail volume increases. Photo by Kim Hyun-min kimhyun81@

Additionally, as the Postal Service Headquarters has been selected as the electronic card operator for construction workers, it will launch the "Hanaro Check Card" at post offices in August.

This card is an electronic check card equipped with an RF function for registering construction workers' clock-in and clock-out times. Any construction worker can sign up. It offers everyday discounts such as dining, medical expenses, convenience stores, as well as special benefits including lodging, parcel delivery, and overseas remittance. It also provides a dedicated account with preferential interest rates and a special privilege to enroll in the post office holiday accident insurance for 1,000 KRW in insurance premiums.

Park Jong-seok, head of the Postal Service Headquarters, stated, "The post office will actively support making it convenient for construction workers nationwide to apply for retirement pensions and issue electronic check cards in connection with construction sites," and added, "We will strive to expand the scope of cooperation between the two organizations to create mutual synergy."

For more details, please check at any post office nationwide, the Post Office Savings Customer Center (1588-1900, 1599-1900), or the Post Office Savings Insurance website (www.epostbank.go.kr).

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