3-Year Industrial Accident Insurance Payments of 743.6 Billion KRW to Top 100 Construction Companies

Asia Economy DB=Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Kim Bo-kyung] Over the past three years, there have been 7,339 industrial accident victims at sites managed by the top 100 construction companies in South Korea, with industrial accident insurance payments reaching 743.6 billion KRW. As construction site accidents have been increasing annually, calls for comprehensive countermeasures have emerged.

According to data submitted by the Ministry of Employment and Labor to Song Ok-ju, chairman of the National Assembly's Environment and Labor Committee and member of the Democratic Party of Korea, the total number of industrial accident victims at sites constructed by the top 100 construction companies over the past three years was 7,339. The numbers have risen each year: 1,700 in 2017, 2,547 in 2018, and 3,092 in 2019. During the same period, the number of industrial accident deaths totaled 214, with 73 in 2017, 72 in 2018, and 69 in 2019.

Industrial accident insurance benefits paid to the top 100 construction companies also increased annually: 214.1 billion KRW in 2017, 248.3 billion KRW in 2018, and 281.3 billion KRW in 2019. The total insurance payments over the three years amounted to 743.6 billion KRW, averaging over 100 million KRW per victim.

Looking at payments by construction company, Hyundai Construction ranked first with a dishonorable 54.5 billion KRW. Daewoo Construction followed closely with 54.4 billion KRW, then GS Construction (47.4 billion KRW), Daelim Industrial (32.9 billion KRW), Samsung C&T (31.4 billion KRW), Lotte Construction (29.6 billion KRW), SK Construction (25.4 billion KRW), Hyundai Development Company (23.3 billion KRW), POSCO Construction (22.6 billion KRW), and Doosan Construction (21.8 billion KRW).

The increase in industrial accident insurance payments indicates a rise in expenditures for various benefits (insurance payments) due to deaths, injuries, or illnesses caused by work-related reasons.

Representative Song stated, "It is a regrettable reality that industrial accidents are increasing not only among large construction companies but also among small and medium-sized construction firms. The Ministry of Employment and Labor must conduct thorough supervision of construction companies with frequent accidents and establish comprehensive measures to ensure that workers can work in healthy and safe conditions."

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