Small Businesses Get 3-Month Extension on Employment and Industrial Accident Insurance Premiums Due from October to December

The government has decided to extend the payment deadline for employment and industrial accident insurance premiums by three months for small and micro businesses with fewer than 30 regular employees in celebration of the Chuseok holiday.

The Ministry of Employment and Labor announced on the 21st that the payment deadline for insurance premiums due from October to December will be extended by three months, and enforcement actions for overdue payments will be deferred.

Previously, the government had also implemented relief measures such as extending the payment deadline for insurance premiums for businesses affected in areas declared special disaster zones due to the heavy rains and Typhoon Khanun in July and August.

In particular, the ministry expects this measure to partially ease the insurance premium burden on small businesses employing labor providers newly required to enroll in industrial accident insurance since July this year, such as children's school bus drivers and one-time freight truck owners (commonly called Yongcha).

Businesses wishing to defer insurance premium payments must apply for the deferral to the National Health Insurance Service by November 10, the payment deadline for the first month (October premiums). However, for businesses in industries such as construction and logging that self-report premiums, applications are accepted by the Korea Workers' Compensation and Welfare Service. In the case of industrial accident insurance payment deferral, self-employed individuals can also apply for an extension.

Lee Jung-sik, Minister of Employment and Labor, said, "We hope that this extension of the employment and industrial accident insurance premium payment deadline will provide some relief to small and micro businesses that may face increased financial burdens around the Chuseok holiday."

Minister of Employment and Labor Lee Jeong-sik. (File photo)
[Image source=Yonhap News]

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