Shinhan Indonesia Bank Signs Business Agreement with HRD Korea EPS Center

Domestic Indonesian Workers Dispatched Abroad Can Receive Related Insurance Payments Even If Refund Application Is Omitted

At the business agreement ceremony held on the 7th in Jakarta, Indonesia, Hwang Daegyu, Head of Shinhan Indonesia Bank (fourth from the left), Choi Jongyun, Head of the Korea Industrial Manpower Corporation Indonesia EPS Center (third from the left), and related officials are posing for a commemorative photo.

[Asia Economy Reporter Park Sun-mi] Shinhan Bank's local subsidiary, Shinhan Indonesia Bank, announced on the 9th that it signed a business agreement in Jakarta, Indonesia, with the Korea Industrial Manpower Corporation Indonesia EPS Center to strengthen cooperation for the 'Automatic Refund of Unclaimed Insurance.'

The Korea Industrial Manpower Corporation EPS Center is an overseas branch of the corporation established in manpower-sending countries such as Indonesia and the Philippines, where bilateral agreements have been made to introduce foreign workers through the Employment Permit System.

Through this 'Automatic Refund of Unclaimed Insurance' service, Indonesian workers can open an account at Shinhan Indonesia Bank and pre-register their information before dispatch. Even if they fail to apply for a refund upon returning home, automatic refunds can be made via overseas remittance.

Foreign workers with residence status of non-professional employment (E-9) or visiting employment (H-2) are required to subscribe to departure maturity insurance and return cost insurance within three months after the employment contract takes effect. However, until now, refunds of paid insurance premiums could only be applied for upon return, making refunds impossible if the application was not made in time.

In addition to this service, Shinhan Indonesia Bank plans to mutually cooperate with the Indonesia EPS Center in various areas such as ▲ providing Korean financial and economic information to workers scheduled for dispatch ▲ dormant account prevention services ▲ preferential exchange rate benefits for dispatched workers.

A Shinhan Indonesia Bank official said, “About 6,000 Indonesian workers are dispatched to Korea annually, and about 27,000 are staying in Korea. We expect many workers to benefit from this agreement,” adding, “We will continue to provide various services through mutual cooperation.”

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