Small Business Workers' Compensation Insurance Premiums Reduced by 30%... Workers' Compensation and Employment Insurance Payment Deferred for 3 Months Until June

Welfare Corporation Continues to Support Reduced Industrial Accident and Employment Insurance Premiums and Extended Payment Deadlines This Year Following Last Year

On the 16th of last month, when in-person applications for the Small Business Support Fund for digitally vulnerable groups began, small business owners were receiving consultations related to the Support Fund at the Seoul Jungbu Center of the Small Enterprise and Market Service. The Ministry of SMEs and Startups announced that for small business owners who are eligible for the Support Fund but cannot verify their identity online or wish to receive the support funds through a proxy, they can make a reservation and visit the on-site application center to apply in person from today until the 26th. Photo by Moon Honam munonam@

[Sejong=Asia Economy Reporter Moon Chaeseok] The Korea Workers' Compensation and Welfare Service announced on the 23rd that, following last year, it will again reduce industrial accident insurance premiums for small business owners and extend the payment deadlines for employment and industrial accident insurance premiums this year.

First, among small business owners in 20 industries subject to gathering bans and business restrictions (special damage industries) who are beneficiaries of the Ministry of SMEs and Startups' Support Fund, a 30% discount will be applied to the insurance premiums for January to March for workplaces enrolled in industrial accident insurance. For general workplaces, 30% of the industrial accident insurance premiums for January to March will be reduced, and for self-reported workplaces such as construction, 30% of the estimated insurance premiums for January to March will be discounted. The service will select eligible workplaces for support collectively without requiring applications from business owners. Whether a workplace qualifies for premium reduction can be checked on the official website and Total Service platform.

Additionally, for workplaces with fewer than 30 regular employees, the payment of employment and industrial accident insurance premiums will be deferred for three months until June. For general workplaces, the premiums for April to June, and for self-reported workplaces such as construction and logging, the estimated premiums with statutory payment deadlines from April to June will have their payment deadlines extended by three months. In the case of industrial accident insurance, sole proprietors and workplaces employing special-type workers (Special Employment Types) can also apply. However, general workplaces must apply through the National Health Insurance Service, while self-reported workplaces such as construction and logging must apply through the Korea Workers' Compensation and Welfare Service.

Kang Soonhee, the director of the Service, said, "We hope that the reduction of industrial accident insurance premiums and the additional extension of payment deadlines for employment and industrial accident insurance premiums will help alleviate the economic difficulties faced by business owners due to the prolonged COVID-19 pandemic and contribute to an earlier return to normal daily life."

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