Construction and Logging Industry Employment and Industrial Accident Insurance Premiums Due by the 31st

Small Businesses with Fewer Than 30 Employees and Special Types of Workers
Can Extend Payment Deadline by 3 Months if Application Submitted by the 31st

[Sejong=Asia Economy Reporter Moon Chaeseok] The Korea Workers' Compensation and Welfare Service announced on the 14th that construction and logging businesses enrolled in employment and industrial accident insurance must report and pay the finalized insurance premiums for 2020 and the estimated insurance premiums for 2020 by the 31st of this month.

Construction and logging business operators will finalize the insurance premiums they reported and paid as estimates last year and either make additional payments or receive refunds accordingly. This year’s premiums will also be reported and paid as estimates.

After submitting the insurance premium report and directly entering the finalized or estimated premium amounts, payments can be made via commercial banks, internet Giro (banking), credit cards, or virtual account deposits. Since additional payments for finalized or estimated premiums cannot be made via automatic transfer, businesses that have applied for automatic transfer must pay directly by the 31st. Failure to report and pay within the deadline or discrepancies in the reported premiums may result in penalties such as late fees, surcharges, and insurance benefit collection charges.

Using the Service’s Employment and Industrial Accident Insurance Total Service website allows businesses to receive premium reduction benefits. It can be accessed easily by logging in with a joint certificate (for business owners or corporations) without the need for membership registration. Businesses that report early through the Total Service by the 22nd will be entered into a drawing to win prizes such as smartphones and tablet PCs.

Kang Soonhee, the Service’s director, urged, "To prevent the spread of COVID-19 and enhance customer convenience, please refrain from visiting affiliated institutions and use the easy and convenient Total Service electronic reporting."

This year, businesses with fewer than 30 employees affected by COVID-19 (employment and industrial accident insurance) and special-type workers (industrial accident insurance) can extend the payment deadline by three months upon submitting an application. For more details, please check the Service’s call center, Total Service, or official website.

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