Next Year's Industrial Accident Insurance Rate Frozen at 1.53%

New Support for Oriental Medicine Blood Vessel Stasis Examination

Kwon Gi-seop, Director of the Occupational Safety and Health Headquarters at the Ministry of Employment and Labor. (Photo by Yonhap News)

[Sejong=Asia Economy Reporter Moon Chaeseok] The Ministry of Employment and Labor announced on the 29th that it will maintain the average industrial accident insurance premium rate at 1.53% next year, the same as this year.

The frozen average industrial accident insurance premium rate of 1.53% this time is the sum of the average industrial accident insurance premium rate by business type of 1.43% and the commuting accident rate of 0.10%. The average industrial accident insurance premium rates by year were 1.70% in 2017, 1.80% in 2018, 1.65% in 2019, 1.56% last year, and 1.53% this year. The Ministry of Employment and Labor stated, "We froze the rate after comprehensively considering the economic burdens such as the insurance premium burden on companies and their workers due to COVID-19 and the rise in consumer prices."

In addition, traditional Korean medicine blood vessel and blood stasis tests, which were not previously recognized as industrial accident insurance medical benefits, and the issuance fees for medical records borne by industrial accident workers will also be newly supported. Kwon Kisub, Director of the Occupational Safety and Health Headquarters at the Ministry of Employment and Labor, said, "By freezing the industrial accident insurance premium rate for next year, we decided to alleviate the insurance premium burden caused by COVID-19 and other factors," adding, "We focused on expanding the scope and level of recognized medical benefits so that injured workers can concentrate on stable treatment and rehabilitation."

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