Employment and Industrial Accident Insurance Workplaces Must Report Total Wages by March 15

Korea Workers' Compensation & Welfare Service, 2020 Total Salary Report Submission Guide

[Sejong=Asia Economy Reporter Moon Chaeseok] The Korea Workers' Compensation and Welfare Service announced on the 21st that workplaces enrolled in employment and industrial accident insurance must submit the total wage report for the year 2020 to the Service by the 15th of next month.

The total wage amount is the basic data for calculating insurance premiums, so the Service advised that it must be reported within the deadline to ensure accurate premium calculation.

In particular, this year is the first time reporting the total wage amount since the retirement settlement system was implemented on January 16 of last year, so workers who have undergone retirement settlement are exempt from submission.

Retirement settlement refers to the system of settling insurance premiums at the time of a worker's retirement. It applies to workers whose employment relationship ended after January 16 of last year.

The Service encouraged electronic reporting through the Employment and Industrial Accident Insurance Total Service website. Since last year, employers can report immediately using only their certified digital signature without needing to sign up as members.

If the total wage amount is reported through the Total Service, employment and industrial accident insurance premiums can be discounted by up to 10,000 KRW. Workplaces that report early by the 8th of next month will also be entered into a drawing to receive prizes such as smartphones and tablet PCs.

Conversely, workplaces that fail to report by the 15th of next month or submit false total wage amounts will be subject to fines of up to 3 million KRW.

For more details, contact the Service call center or refer to the Total Service and the Service website. Detailed instructions can be found in the YouTube video titled 'How to Report Total Wages for Employment and Industrial Accident Insurance for the Year 2020.'

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