SK Innovation, First in Korea to Offer Group Insurance Package to Partners

[Asia Economy Reporter Hwang Yoon-joo] SK Innovation Ulsan Complex (CLX) is providing group insurance packages to employees of its partner companies. This is the first time in Korea that group insurance has been offered as a package to members of partner companies.

On the 5th, SK Innovation announced that it held a delivery ceremony for the ‘SK Partner Company The Happy Insurance’ at the SK Innovation Ulsan CLX headquarters, enrolling SK partner company members in accident insurance. About 20 people attended the ceremony, including representatives of SK partner company employees, Park Kyung-hwan, General Manager of SK Innovation Ulsan CLX, and Lee Sung-hoon, Chairman of the Labor Union.

The Happy Insurance is a group insurance package provided by the ‘SK Partner Company Joint Labor Welfare Fund’ to all 2,233 members belonging to 25 equipment partner companies of SK Innovation.

Regarding this, SK Innovation explained that after establishing the nation’s highest level SHE (Safety, Health, Environment) system to ensure that all members working at Ulsan CLX can work in the safest environment, they have built a more detailed social safety net to alleviate concerns about accidents and illnesses, enabling stable and comfortable work.

SK Innovation also emphasized that the group insurance package was provided to ease the anxiety caused by many changes not only in daily life but also at the company due to the novel coronavirus infection (COVID-19), and to offer practical support for the lives of partner company members.

SK Innovation stated that the The Happy Insurance enrolled for partner company members this time consists of an accident insurance package that guarantees up to 100 million KRW for accidental death, permanent disability, and major illnesses, and that it is renewed annually rather than being a one-time benefit. They added that this insurance benefit is provided equally to both existing employees and those who join throughout the year.

This group insurance package enrollment is the second step following the delivery of a happiness support fund of 10 million KRW per partner company member, totaling 220 million KRW, as disaster relief funds to all partner company members in May. It is part of the policy to further strengthen the social safety net for SK partner company members.

Meanwhile, the SK Partner Company Joint Labor Welfare Fund was established after SK Innovation’s labor and management agreed in the 2019 collective bargaining to create a joint labor welfare fund for partner companies to resolve polarization, with 25 partner companies participating. The fund is operated with a total budget of 1.52 billion KRW, which includes a 1% donation of the basic salary from SK Innovation Ulsan CLX members, a win-win fund contributed by the company through a matching grant method, contributions from partner companies, and government subsidies.

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